Gift

This query is : Resolved

DINESH KUMAR (Querist)
Follow

19 December 2011 WHICH GIFT WILL BE CLUBED.CAN I GIVE GIFT TO MY WIFE/SON.CAN A GIFT TAKEN BY MY WIFE FROM HER FATHER/MY BROTHER WILL CLUBBED WHERE MY WIFE IS GILING OWN RETURN.HOW MUCH MONEY ONE CAN GIVE TO HIS RELATIVES & WHAT ARE THERE TAX IMPLICATIONS.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

19 December 2011 If you give Gift to your wife, the income which will be generated from the amount/ property gifted will only be clubbed in your hands.
.
If gift is made to son, minor's income is included or clubbed with the parent having
higher total income. Provision of Section 64(1A) may be referred.
.
If Gift is given to Major Son, clubbing provisions will not apply.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

19 December 2011 If your father in law or brother/brother-in-law, makes a gift to your wife, tax liability does not arise.
.
A relative can gift as much as he/she desires to gift to his/her relative. There is no limit as such.

anurag

anurag (Expert)
Follow

20 December 2011 However if the assessee gifts shares to his wife and later bonus shares are issued , such interest in bonus shares will not be included in hands of assessess.