I have Gifted Rs 50000/- to my mother, which she invested in equity ,and she earned rs 12000 on this investment .Now Whose income will it be counted?
1.Myself (Son)
2.Herself (Mother)
3.My father (her husbend)
My mother is a house wife and she have no income from any source
2. Herself i.e mother's.
No clubbing, its mothers income
Thanks to all of you for reply
Do we need to have a gift deed when we gift some amount in our relation or a declarartion is sufficient to TAX authorities?
@ Mr. Kamal ::Either Declaration with Bank statements Or in case of any cash Gift, Gift Deed with proofs related to capability of the Donor for the Cash holding.
Rs. 12000 considered as a income of mother.
Clubbing provision not apply In this case.
CAclubindia
