Tax implication


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
15 May 2014 a father retired from govt department and get commuted pension net of TDS, now son of the person wants to invest that money in his transport business , what is the procedure and what will the tax implication for the son.? as well as for the father

Rupesh Jain (Expert)
15 May 2014 father can make gift to son.
or given loan to son for business.
in both case gift deed and loan agreement to make for future.

and in loan case sons can give intt to his father as per current bank intt. rate.

gift will exempt for son.


Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
15 May 2014 thanks sir ,
Sir please make me clear that if gift is exempt in the hand of son then is the income generated from transport business of son is taxable in fathers hand or in sons hand

15 May 2014 if transport business is on the name of father(owner) then taxable income will add to father income or if its on son's name (owner) then taxability will on son head.



15 May 2014 it is advisable to show it as a loan only...git will unnecessarily create clubbing issues.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
17 May 2014 thanks experts for your advise


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details
Company
02 November 2026
Audit Executive

SRJP & Co LLP

Kochi

CA Inter

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details