Clubbing of income

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Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2012 if father in law gifts some money to son wife on the occassion of marriage and sons wife further make the investment out of that money than whether such income will be clubbed in the hands of father in law or not?

CA Amit Rajput

CA Amit Rajput (Expert)
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08 September 2012 Any some of money received in the occassion of marriage is exempted from tax and do not attract any clubbing provisions.

Prakash Kochar

Prakash Kochar (Expert)
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09 September 2012 Income received from amount of gift given by father/mother in law to son's wife, will be clubbed with income of donar u/s. 64 of I Tax Act. Clubbing prov. is not applicable in case gift is given prior to marriage.

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2012 whether at the time of shagun ceremony the shagun received from to be father in law is taxable in the hands of gift receiver. and whether in this case clubbing will be done?

Prakash Kochar

Prakash Kochar (Expert)
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11 September 2012 On shagun, amount received exceeding Rs. 50000/- will be taxable, but income from same will not attract clubbing provisions, as not related as father in law till marriage.

CA Amit Rajput

CA Amit Rajput (Expert)
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12 September 2012 Please refer question dear rakashbhai

And verify provision of section 64Generally, any gift you receive from various members of your family and specified relatives is not considered your income but a capital receipt. Thus, no income tax is payable on gifts received from relatives - and also gifts received from parties other than relatives upto a sum of Rs. 50,000 and at the time of marriage up to any amount from anybody is fully exempted and here occassion mentioned in case is marriage.

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Querist : Anonymous

Querist : Anonymous (Querist)

13 September 2012 THANKS AMIT SIR FOR SOLVING THE QUERY

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