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).
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