clubbing of income
This query is : Resolved
SHWETA GERA
(Querist)
02 August 2010
Is income earned on gift(eg: interest received on debentures) received by a minor child from his/her grandfather clubbed with income of father/mother?
CA Sanat Pyne
(Expert)
02 August 2010
GIFT RECEIVED FROM RELATIVE IS NOT TAXABLE.
CA Ravi Sisodia
(Expert)
02 August 2010
income from gift will be clubbed with income of father/mother.
SHWETA GERA
(Querist)
02 August 2010
sir, you are correct that gift received is not taxable, but what about the income earned?
CA Sanat Pyne
(Expert)
02 August 2010
YES INCOME WILL BE TAXABLE IN THE HANDS OF FATHER OR MOTHER WHOSE INCOME IS IS HIGHEST EXCLUDING THE INCOME OF MINOR.
02 August 2010
Agree with CA Sanat.
(answer lock kiya jaye).
(answer lock kiya jaye).
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