Clubbing and gift
This query is : Resolved
CA Raj Doshi
(Querist)
30 May 2014
Father invested in ppf of son and daughter. ppf have matured and got credited in Son and daughter saving account. So this is a case of gift from father.( correct me if wrong ) .. Son and daughter give the amounts as loan to third party and earn interest thereon. Father has to paid interest on educational loan of son. So question is whether son and daughter should transfer the interest amounts to father account ( in the form of loan or gift ) or any other way if you can suggest it would be great help.
Amol S Joglekar
(Expert)
30 May 2014
Sorry...what is the fear?.....son and daughter are covered under the definition of RELATIVE...isn't it?....pls explain your fear...may be i am not getting it properly...
Rupesh Jain
(Expert)
30 May 2014
son and daughter earn the income and taxable in their hand. and intt. on education loan paid by the father and claim u/s 80E
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