Gift
This query is : Resolved
03 October 2016
Hello sir
If the father gifts Rs.30,00,000/- to his son and the son earns interest income on this Rs.30,00,000/- then whether such interest will be clubbed in father's income..?
(Son is assessable under Income Tax and pays regular taxes)
CA H M JOHARI
(Expert)
03 October 2016
If Son is Major i.e. above 18 year than no, interest earned on the amount is taxable in the hand of son
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