Taxability of diverson of income
This query is : Resolved
neel.b.parikh
(Querist)
04 June 2015
A father and son has joint demate account,and father has its own demate account.what ever income rise in father account (suppose 50000) father transfer 25000 to son account.now what is the tax implication on this transaction? Whether tax impose on 50000 or 75000(50000 plus 25000 transfer amount.
CA R SEETHARAMAN
(Expert)
04 June 2015
Father has to pay tax on 50000. For transfer to son's account it will be treated as gift and no tax payable.
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neel.b.parikh
(Querist)
04 June 2015
So it means that son has no tax implication on 25000.
CA R SEETHARAMAN
(Expert)
04 June 2015
Yes son has no tax implication.
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