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.
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.
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.
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.
CAclubindia
