Clubbing of minors income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2012
Respected Experts PLS GUIDE
1] IF MINORS INCOME IS BELOW TAXABLE INCOME
I.E. RS.45000 WILL BE IT CLUBBED IN PARENTS INCOME
2] A HAS TWO SONS NAMED "B" & "C"
EACH OF THEM RECEIVED GIFT ON BIRTH DAY OF RS.45000/.
WILL THE GIFT AMOUNT OF RS. 90000 BE CLUBBED IN PARENTS INCOME?
I THINK "b" RECEIVED GIFT BELOW 50,000/
"c" RECEIVED GIFT BELOW 50,000/. IT SHOULD BE TAX FREE & NOT CLUBBED IN PARENTS INCOME
AM I RIGHT OR WRONG?
PLS GUIDE
1] IF MINORS INCOME IS BELOW TAXABLE INCOME
I.E. RS.45000 WILL BE IT CLUBBED IN PARENTS INCOME
2] A HAS TWO SONS NAMED "B" & "C"
EACH OF THEM RECEIVED GIFT ON BIRTH DAY OF RS.45000/.
WILL THE GIFT AMOUNT OF RS. 90000 BE CLUBBED IN PARENTS INCOME?
I THINK "b" RECEIVED GIFT BELOW 50,000/
"c" RECEIVED GIFT BELOW 50,000/. IT SHOULD BE TAX FREE & NOT CLUBBED IN PARENTS INCOME
AM I RIGHT OR WRONG?
PLS GUIDE
Amol S Joglekar
(Expert)
31 July 2012
Gist is taxable in the hands of donee subject to sec 56. Once it is taxable , it will be clubbed
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