Clubbing and Cash Credit
This query is : Resolved
23 July 2017
One of My client having salary income in the field of Engineering proficiency deposit cash of ₹12 Lang approx to her daughter account who is 8 year old... And after making deposit he make FD in her daughter name... now the point is How to bifurcate the Cash deposit so that in future no problem arise from department.Source of cash deposit Engineering income of the client
24 July 2017
Clubbing provisions will apply for the FD thus made from the cash deposits. So naturally the amount should be properly shown as revenue of the father and taxed accordingly.
Also note that interest from such FD will be clubbed to the father's income and assessable in his hands.
Also note that interest from such FD will be clubbed to the father's income and assessable in his hands.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- EXPORT COMMERCIAL INVOICE HSN CODE
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- LIC maturity claim whether taxable
- Bank details not Visible on Traces Portal
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
