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Gift

This query is : Resolved 

19 December 2011 WHICH GIFT WILL BE CLUBED.CAN I GIVE GIFT TO MY WIFE/SON.CAN A GIFT TAKEN BY MY WIFE FROM HER FATHER/MY BROTHER WILL CLUBBED WHERE MY WIFE IS GILING OWN RETURN.HOW MUCH MONEY ONE CAN GIVE TO HIS RELATIVES & WHAT ARE THERE TAX IMPLICATIONS.

19 December 2011 If you give Gift to your wife, the income which will be generated from the amount/ property gifted will only be clubbed in your hands.
.
If gift is made to son, minor's income is included or clubbed with the parent having
higher total income. Provision of Section 64(1A) may be referred.
.
If Gift is given to Major Son, clubbing provisions will not apply.

19 December 2011 If your father in law or brother/brother-in-law, makes a gift to your wife, tax liability does not arise.
.
A relative can gift as much as he/she desires to gift to his/her relative. There is no limit as such.


20 December 2011 However if the assessee gifts shares to his wife and later bonus shares are issued , such interest in bonus shares will not be included in hands of assessess.

20 December 2011 Agreed with expert.



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