Clubbing provision
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 February 2013
Can clubbing provision attract when giving gift to his father in cheque through gift deed?
10 February 2013
Clubbing provisions attract only when the
recipient is not a relative of the person making him a gift. If son makes a gift to father (Generally it does not happen ...yet)
it is not taxable in the hands of father.
The exemption is not by virtue of Gift Deed, it's by virtue of Section 56(2)(vii).
.
recipient is not a relative of the person making him a gift. If son makes a gift to father (Generally it does not happen ...yet)
it is not taxable in the hands of father.
The exemption is not by virtue of Gift Deed, it's by virtue of Section 56(2)(vii).
.
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