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clubbing provision

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2011 if mr. a gifts to his wife rs 100000 in cash . and his wife invest the same . she rec. rs. 5000 on investment .
here clubbing provision will apply or not
ur answer will different if he gifts this amount to his mother or father
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CA RICHA BADALIA

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CA RICHA BADALIA (Expert)
17 October 2011 Yes clubbing provision will apply and Rs.5000 will be taxable in hands of Mr. A as per Sec 64(1)(iv)

clubbing provisions will not apply if payment is to mother or father
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
17 October 2011 any income/interst received from investment(club amount) then clubbing provision will apply.
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Querist : Anonymous

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Querist : Anonymous (Querist)
17 October 2011 and that gift of rs 100000 is taxfree in the hands of Mr.A's wife
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2011 and that gift of Rs. 100000 is taxfree in the hands of Mr.A's wife because of gift provision
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