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incoe transfer to father

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(Querist)
10 November 2009 Income transfer to father will attract the provision of sec56 of income tax??
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Rajnish

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Rajnish (Expert)
10 November 2009 Income will be taxable in hand of son. Gift to father is out of purview of section 56(2)
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Guest

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Guest (Expert)
10 November 2009 No clubbing provisions will be attracted.
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Sunil

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Sunil (Expert)
10 November 2009 If the son earns any income himself he bears the tax. After that if he transfers to the father, there is no tax to the father.

In case he transfers the asset or the money from which he earns income to his father, there is no tax to the father on transfer of the asset or the money. Thereafter father will only be assessed to income tax on the income generated.

You cannot transfer the income without transferring the asset.
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