Gift
This query is : Resolved
16 June 2016
RESPECTED SIR,
A PERSON MR. A HAS ONLY SALARY INCOME OF RS. 370000. HE HAS A SON MR. X WHO HAVE NO SOURCE OF INCOME. IF MR. A GIFT RS. 120000 TO HIS SON MR. X THEN WHAT IS THE EFFECT OF SUCH CASH GIFT OF RS. 120000 ON MR. A AND MR. X.. ALSO WHAT INCOME SHOULD MR. A SHOWS IN HIS RETURN.
A PERSON MR. A HAS ONLY SALARY INCOME OF RS. 370000. HE HAS A SON MR. X WHO HAVE NO SOURCE OF INCOME. IF MR. A GIFT RS. 120000 TO HIS SON MR. X THEN WHAT IS THE EFFECT OF SUCH CASH GIFT OF RS. 120000 ON MR. A AND MR. X.. ALSO WHAT INCOME SHOULD MR. A SHOWS IN HIS RETURN.
16 June 2016
income from gifted amount will be add in the father income u/s 64(1) if son in minor then Rs. 1500 will dedcut under this section in father computing taxable income.
16 June 2016
What if Son is Major... What amount of income Father should show in return?
16 June 2016
income of gift amount will be added as it is father income there is no relaxation for that.
16 June 2016
That mean Mr. A will show income of Rs. 370000 in his return Income.. No relaxation on amount which he gifted to his Son Mr. X.
Then Is there any process for shifting taxable income.
Then Is there any process for shifting taxable income.
16 June 2016
sir, i am asking the income from the gifted amount, not the gifted amount. any income earn by son on gift amount will include in father income, for example Rs. 120000/- son earn 3% intt in saving a/c in year then 3600/- will add in the father income. there is no addition of Rs. 120000/- its tax free for son under the income tax act. its relative gift.
16 June 2016
Ok.. that mean Father show income of Rs. 250000 as his income in return. not 370000
Thanks Sir for your Advise
Thanks Sir for your Advise
16 June 2016
No, its will be Rs. 370000+ any income earned on the gifted amount by son=
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