Tax Planning for Minor Account

If I open minor bank accounts and DMAT accounts for my 16-year-old son and daughter, can I transfer a sum to them and buy shares and hold for 5-7 years later allowing them to realize profits worth 5 Lakhs each year without any salary or business income in those accounts until they have a real job or business? Will there be any tax implications, or am I missing something? Of course, the profits will belong to my children.

Hi @Prateek_Sen,

I’ve written about this in-detail on this thread:

If you have any further doubts, please let me know.