clubbing of income
This query is : Resolved
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?
02 August 2010
GIFT RECEIVED FROM RELATIVE IS NOT TAXABLE.
02 August 2010
income from gift will be clubbed with income of father/mother.
02 August 2010
sir, you are correct that gift received is not taxable, but what about the income earned?
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).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Tax rate change regarding
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
