Court Rules Exempt Long-Term Capital Gains of Minors Can Be Clubbed with Parents' Income Under Income Tax Act Section 54F.

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....Deduction u/s 54F - Clubbing of exempt long term capital gain income of minor children - to find out whether there is any profit or gain chargeable to tax u/s 45(1), the provisions of both the sections are to be read together. Section 54F cannot be read in isolation - CIT(A) was not justified in denying the exemption of capital gain to the minors, which was invested in capital gain accounts scheme (CGAS).....