Gift
This query is : Resolved
11 July 2012
Can a son gift her mother money by way of cheque?
Is there any limit for that?
whether income earned on that money so gifted( transfered)be clubbed in the hands of son?
Is there any limit for that?
whether income earned on that money so gifted( transfered)be clubbed in the hands of son?
11 July 2012
1. Yes a son can gift a sum of money to her mother.
2. There is no limit on the amount of gift.
3. Clubbing provisions DO NOT apply to income earned from such gift.
Section 64 which deals with the provisions of clubbing does NOT cover any such situation.
Accordingly the income earned by the mother from such gift shall be taxable in her own hands.
2. There is no limit on the amount of gift.
3. Clubbing provisions DO NOT apply to income earned from such gift.
Section 64 which deals with the provisions of clubbing does NOT cover any such situation.
Accordingly the income earned by the mother from such gift shall be taxable in her own hands.
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