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Gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 February 2013 When a father HAS GIVEN THE GIFT IN FORM OF DEPOSTING CHEQUE BY WAY OF RS MORE THAN RS 1 L IN CHEQUE , IS CLUBBING PROVISION APPLICABLE?
HOW INCOME TAX IS TRATING THIS GIFT ?
TO WHOM taxability is applicable?
I have made gift deed on stamp paper with witness.
Pl suggest the recommendation.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
10 February 2013 It is not important to know us whether the query is being posted by a Father or a Son...as Its known to all that the Father is ultimately a son and the son will become father on a good day or might have become.
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There will be no taxability in anybody's hands as far as amount of Gift is concerned. However, if the Son is a minor, income arising to the son will be clubbed in the hands of father till the son attains the Age of 18.
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