Clubbing of income of minor
This query is : Resolved
CA Shelly Singhania
(Querist)
23 September 2009
Minor child receices gift from say mother's frnd worth Rs.20000
Mother recd. gift from her friend worth Rs35000.
So if son's income is clubbed with mother's income,then for claiming exemtion U/s56
gift amts will seperately taken into consderation i.e Self-rS.35000 So exempt n Son's-Rs20000 so exempt again
OR
Total gift amount Rs.55000 will be taxable n mother can claim exemption U/10(32) of Rs.1500.
Please clarify y doubts sa soon as possible.
Thanks
Mother recd. gift from her friend worth Rs35000.
So if son's income is clubbed with mother's income,then for claiming exemtion U/s56
gift amts will seperately taken into consderation i.e Self-rS.35000 So exempt n Son's-Rs20000 so exempt again
OR
Total gift amount Rs.55000 will be taxable n mother can claim exemption U/10(32) of Rs.1500.
Please clarify y doubts sa soon as possible.
Thanks
23 September 2009
Total gift amount Rs.55000 will be taxable n mother can claim exemption U/10(32) of Rs.1500.
consider also that minor`s income will be club in the income of father or mother whose income is higher.
consider also that minor`s income will be club in the income of father or mother whose income is higher.
Ratan Sharma
(Expert)
23 September 2009
Agree with expert.
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