Clubbing of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2015
a person gift some amount to his relative(covered under exeption of gift),income arise from such gifted assets will be clubed or not,in hands of donor?
31 March 2015
once it is gift to a relative as per definition of sec 56(2) then any accretion/ income from such gift is taxable in the hands of the donee i.e who recieved the gift and not to donor and no clubbing is applicable.
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 March 2015
Are income earned by assets gifted to minor children, spouse and son's spouse included in the income of the donor for taxation?
31 March 2015
no, as only the actual gift is clubbed for minor child and spouse ans sons's spouse but then accretion/ income earned will not be clubbed
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