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Clubbing of income

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Querist : Anonymous

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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..?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
30 July 2012 The gift will NOT be clubbed. However, income earned from such gift shall be clubbed.
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