in my family there r 4 demat a/cs -(1 of my mother,1 of my father,1 of my grans ma, 1 of me) .of the above i have to mtain only 1 a/c(either my mother /father/my).others i have to close b/c of amc or other mtance. problemsi have no earning as such but my father/mother/grandma has taxable income.wht strategy should i adopt so tht it becomes tax free?
grandmother's shares----(as a gift to me or my father) since relative(as per income tax act in sec 56(2)(vii)).
mother's shares -----to me
fathers share --to me
whether any clubbing provisions apply since i am major son & there r no clubbing provisions regarding major son in the act?
but if my father transfer to my mother there wil be clubbing provision.
consisdering all permutation &combination give me the best advice.
CAclubindia
