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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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