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Clubbing of income provision applicable

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Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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11 July 2021 Sir,
It assess cash gift to mother rs:15 lacs through on bank mode.if assess mother received amount fd investment in bank and assess fd interest income received from mother after interest income gift to wife account transfer.
Question:
1.Above transactions clubbing provision applicable in it act
2.above transactions gift tax applicable

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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11 July 2021 1. Clubbing Provision applicable.
2. No Gift tax applicable

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