Income clubbing with minor child
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2010
One of my clients is an NRI & gifted his minor daughter - a resident Indian RS.35 lacs from his NRE funds during FY 2009-10.
Can somebody kindly tell me if this gift of Rs 35 lakhs be clubbed to my client's income for FY 2009-10? How income tax will be calculated on Interest earned by his minor daughter on this amount and how much will be clubbed to my client's indian income?
Can somebody kindly tell me if this gift of Rs 35 lakhs be clubbed to my client's income for FY 2009-10? How income tax will be calculated on Interest earned by his minor daughter on this amount and how much will be clubbed to my client's indian income?
hshivakumar
(Expert)
19 June 2010
Gift to daughterRs. 35 lakhs is not a income and interest earned by his minor daughter on this amount will taxed in hands of father or mothers (who's income is more) and they can claim deduction u/s 10(32) Rs. 1500 per child.
Message likes :
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CMA Arif Farooqui
(Expert)
23 June 2010
agreed.
CA Ravi Sisodia
(Expert)
23 June 2010
Agree
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