Transfer of income

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rishabh (Querist)
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22 November 2014 experts, if my cousin wants to t/f a part of his income I.e. 200000inr to his parents , then what is the taxability in hands of both parties.will it be considered as gift...???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2014 1. Gifts received from relatives is NOT taxable in the hands of the recipient as per Section 56(2)(vii). Accordingly gift received from son will NOT be taxable in the hands of the parents.

2. Clubbing provisions do NOT apply when amount/income/asset is transferred to parents.
So there will be no tax implications in the hands of the son.

Rupesh Jain

Rupesh Jain (Expert)
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22 November 2014 GIFT WILL EXEMPT IN HAND OF PARENTS BUT IF OUT OF INCOME OF COUSIN THEN ITS WILL BE TAXABLE IN HIS/HER HAND DUE TO ITS HIS/HER INCOME

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 December 2014 agreed with siddharths view....................

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