Gfit income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2012 If Father-in-law give gift to daughter-in-low in cash than when daughter-in-law get income from that gift will it be club in father-in-law's income or not?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 June 2012 As per Section 64, where any person gives, without any consideration, any asset to his son's wife, then the income arising from such asset shall be included in the total income of such person.

Accordingly, in this case, clubbing provisions shall apply.

Querist : Anonymous

Querist : Anonymous (Querist)

21 June 2012 Please make it clear what it means of without consideration? he has made gift deed if u r saying about that.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 June 2012 Without consideration means FREE.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 Thanks Brother....!

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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07 August 2012 You are welcome. You should use the thanks button to convey your thanks.

Message likes : 1 times

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