Clubbing of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2013
Grandmother "X" gave gift to her Grand Son "Y" (son,s son) who is a minor. The amount is invested in Fixed Deposits.
1)Should the amount to be clubbed in the hands of Grand Mother.
2)Whether Form 15G is to be submitted by "Y"
3)Is the answer is same for Daughter's Son
1)Should the amount to be clubbed in the hands of Grand Mother.
2)Whether Form 15G is to be submitted by "Y"
3)Is the answer is same for Daughter's Son
CA PARAS BAFNA
(Expert)
25 January 2013
The amount will be clubbed in the hands of the minor Grand Son's any of the parents, whose total income is more than the other.
.
Form "15G" can be submitted by the parent of
X subject to the condition that such parent's income is not taxable.
.
Above Reply, in case of the Daughter's son may accordingly be applied.
.
Form "15G" can be submitted by the parent of
X subject to the condition that such parent's income is not taxable.
.
Above Reply, in case of the Daughter's son may accordingly be applied.
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