I.t return
This query is : Resolved
09 August 2011
Is it possible , that can a mainor submit his IT return? Suppose he/she gets some gift like land , flat, from his father / mother/ grandmother/as a gift.
For that type of matter what is the solution . Please explain me .
For that type of matter what is the solution . Please explain me .
11 August 2011
The gift received by minor from his relatives-
The minor as such can not show that he has received a gift but the income from the property gifted to him will be clubbed in the hands of any of the parents having higher total income. The income will be continued to be added in the same parent in subsequent AYs unless the AO is made satisfied for a different treatment.
.
The solution thus lies in showing the income by parents in respecyt to the gifted property. Further the donor can declare in his return that the amount has been gifted and consequently it will not further appear in the donor's balance sheet, if he is preparing it.
.
A gift Deed of this intent should be registered with the property registrar' office by paying the necessary stamp duty.
.
All the documents narrated above will prove the source of the property in the minor's case in future.
The minor as such can not show that he has received a gift but the income from the property gifted to him will be clubbed in the hands of any of the parents having higher total income. The income will be continued to be added in the same parent in subsequent AYs unless the AO is made satisfied for a different treatment.
.
The solution thus lies in showing the income by parents in respecyt to the gifted property. Further the donor can declare in his return that the amount has been gifted and consequently it will not further appear in the donor's balance sheet, if he is preparing it.
.
A gift Deed of this intent should be registered with the property registrar' office by paying the necessary stamp duty.
.
All the documents narrated above will prove the source of the property in the minor's case in future.
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