banner_ad

Clubbing of daughter's interest amount

Tax queries 518 views 2 replies

mr.x deposited 2,00,000 on his daughter (who is major i.e.,24 years) .she is getting interest 20,000 per year .

mr.x deposited 80,000on his son (who is major i.e.,21 years) .he is getting interest 6,000 per year .

mr.x deposited 80,000on his wife(who is major i.e.,52 years) .she is getting interest 6,000 per year .

the total amount of 3,60,000 is mr.x's only and no need to give back to mr.x

how much amount will be inculded in the mr.x total income

 

Replies (2)

Only interest of his wife will clubbed in the income of Mr. X....because Rs. 80000  is treated as amount transfer by Mr. x to his wife without adequate considration.

Agree with Mr.Vishal Rana,

 

Interest income of his wife Rs.6,000/- will be included in the total income of Mr. X.

Interest income earned by his daughter and his son (both major) will be included in their total income and not in Mr. X.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details