Clubbing of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2012
A GIFT MADE BY A RESIDENT ASSESSEE HAVING AN INCOME BELOW THE BASIC EXEMPTION LIMIT. THE GIFT WAS MADE TO THE ASSESSEE'S SON'S WIFE.WIFE ALSO HAVING THE INCOME BELOW BASIC EXEPMTION LIMIT..WILL THE GIFT MADE BY CHEQUE BE CLUBBED IN ASSESSEE'S INCOME..?
30 July 2012
The gift will NOT be clubbed. However, income earned from such gift shall be clubbed.
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