Gift to major son
This query is : Resolved
CA Sanjay Baheti
(Querist)
07 August 2010
Mr X makes a gift of Rs 10.00 Lacs to his major son, Mr Y in 2008. In FY 09-10, Mr Y earns Rs 80,000 as interest on that gifted money. In whose hands that Rs 80,000 is going to be taxable? Will clubbing provisions apply?
CA Sanat Pyne
(Expert)
07 August 2010
NO CLUBBING PROVISION WILL NOT BE ATTRACTED AND INTEREST AMOUNT WILL BE TAXABLE INTHE HANDS Y
07 August 2010
Clubbing provisions will not apply as Son is major and income of Rs.80000/- will be taxable in the hands of Mr. Y.
VINOD ARORA
(Expert)
07 August 2010
Agreed with experts
Murtaza I Bhagat
(Expert)
07 August 2010
agreed, taxable in the hands of your major son.
07 August 2010
Agreed... Interest income will be taxable in the hands of major son.
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