Transfer of money via gift to family & income thereof
This query is : Resolved
25 April 2018
I wanted to decrease my interest income to avoid the tax slab for which I was planing to transfer a certain amount from my salary income to my family member so that they can invest the same on their name and the interest income will be taxable in their name and not mine. Can I do that as per income tax law?
25 April 2018
You may do so, but the recipient should be a relative as defined in explanation to
section 56(2)(vii), otherwise the gifted amount will also be taxed in the hands of the
recipient per section 56(2)(x).
section 56(2)(vii), otherwise the gifted amount will also be taxed in the hands of the
recipient per section 56(2)(x).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- FORM 26A APPLICABILITY
- Regarding TDS Applicability For Director Remuneration
- Value of property in capital gain
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
