Gift
This query is : Resolved
Querist : Anonymous
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.
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.
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.
.
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.
.
.
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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