Clubbing of incomes

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31 Points Posted on 01 June 2021
(for example) I am 21 years old and my father gifted ₹50k as gift and invested in share market and earned ₹20k profit, will this profit be clubbed in my fathers income?? THANKS IN ADVANCE
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On 01 June 2021 at 21:05 Report
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Quick Summary
This discussion clarifies whether profits earned from gifted money invested in the share market are 'clubbed' with the donor's income. The consensus is that if the recipient is an adult (over 18), the income generated from the gifted asset is taxable in their own hands, not their father's. Clubbing provisions typically only apply to minors.

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accountant
68 Points Posted on 01 June 2021
No you are adult this is your income
2 Reply
On 01 June 2021 at 21:33
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Chartered Accountant
24588 Points Posted on 01 June 2021
No it will not be clubbed. It is taxable in your hands
1 Reply
On 01 June 2021 at 21:35
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Learner
2398 Points Posted on 02 June 2021
As you crossed 18 years the income earned on gifted property will be taxes in your hands only. if you were a minor then clubbing provisions will attract.
1 Reply
On 02 June 2021 at 06:13
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2742 Points Posted on 02 June 2021
No it will not be Clubbed , it is taxable to you
2 Reply
On 02 June 2021 at 08:07
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Chartered Accountant
24588 Points Posted on 06 June 2021
Agrees
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On 06 June 2021 at 06:10
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tax consultant
3306 Points Posted on 06 June 2021
Clubbing does not attract to major child.
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On 06 June 2021 at 12:50

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