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GIFT TO SON

This query is : Resolved 
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(Querist)
25 April 2009 SIR/MADAM

I WANT TO GIVE SOME MONEY AND ASSETS TO MY SON (18+) TO SET UP A NEW BUSINESS. WHAT PROCEDURE SHOULD I TAKE SO THAT HIS TOTAL INCOME WILL NOT BE CLUBBED IN MY HEND.

THANKING YOU
SAMPAD
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
25 April 2009 Prepare a Gift deed.
Pay the stamp duty of your state. Approximately it will be Rs.1000.
Register the gift deed. The expenses will be approximately 750.
Then the assets transferred will become the property of your son and it will not be clubbed again in your hands.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
26 April 2009 correct
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Deepak Goel

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Deepak Goel (Expert)
26 April 2009 Yes, I am agree with Mr. Srinivasulu
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CMA KNVV Sri Vidya - Sri Kanth

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CMA KNVV Sri Vidya - Sri Kanth (Expert)
26 April 2009 agree with expert
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taxindiaconnect

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taxindiaconnect (Expert)
26 April 2009 Hats off BS. I agree.
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