Queries regarding interest income...
This query is : Resolved
14 October 2008
Hi,
My father received Rs. 80 lacs as beneficiary of life insurance policy of my brother last month. My queries are as under.
1. Can he gift 20 lacs to each one of us i.e. my mother, my wife and myself?
2. If yes, can each one of us invest this money in bank tds and the interest earned be treated our individual income?
3. My daughter will be 18 yrs on 15th Sep, 09, in which financial year her interest income will start being assessed in her own hands?
I would be highly thankful to the community here for the help in answering my queries.
Regards to you.
Kumar
My father received Rs. 80 lacs as beneficiary of life insurance policy of my brother last month. My queries are as under.
1. Can he gift 20 lacs to each one of us i.e. my mother, my wife and myself?
2. If yes, can each one of us invest this money in bank tds and the interest earned be treated our individual income?
3. My daughter will be 18 yrs on 15th Sep, 09, in which financial year her interest income will start being assessed in her own hands?
I would be highly thankful to the community here for the help in answering my queries.
Regards to you.
Kumar
14 October 2008
1.yes
2.yes
3.assessment year 2010-11(income from16-9-09 to 31-3-2010)
2.yes
3.assessment year 2010-11(income from16-9-09 to 31-3-2010)
14 October 2008
entire income of accounting year 2009-10 or the exact income between the period of 16-09-09 and 31-03-2010?
15 October 2008
Here, as regards point no. 2, i would like to mention that clubbing provisions will be attracted for the interest earned by spouse and son's spouse and the income shall be clubbed in father's Total Income
S.Srinivasaraghavan
(Expert)
15 October 2008
Yes, Mr.Sailesh has correctly pointed out.
As regards the other query, the exact income between the period of 16-09-09 and 31-03-2010.
As regards the other query, the exact income between the period of 16-09-09 and 31-03-2010.
15 October 2008
I thank all for their valuable suggestions. I would request you to consider the issue of tax on the income generated on the gifted amounts.
Since my father makes a gift from his capital not income, the gifted amounts should be considered as individual capitals of us. Should the income generated on the same be considered our individual incomes and be assessed in our hands individually?
Regards.
Kumar
Since my father makes a gift from his capital not income, the gifted amounts should be considered as individual capitals of us. Should the income generated on the same be considered our individual incomes and be assessed in our hands individually?
Regards.
Kumar
S.Srinivasaraghavan
(Expert)
18 October 2008
This has already been answered by Mr.Warrier and Mr.Sailesh is it not?
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