raj (bussiness) (38 Points)
08 August 2016I 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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194198 Points)
Replied 08 August 2016
2. Herself i.e mother's.
Taxonomy
(Finance Professional)
(43 Points)
Replied 08 August 2016
Udgam Koomar
(Tax Technologist)
(1949 Points)
Replied 08 August 2016
No clubbing, its mothers income
Akash
(CA Final (2nd Group Pending))
(876 Points)
Replied 08 August 2016
Vishwajeet Kamal
(Others)
(69 Points)
Replied 09 August 2016
Do we need to have a gift deed when we gift some amount in our relation or a declarartion is sufficient to TAX authorities?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194198 Points)
Replied 09 August 2016
@ 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.
Navitesh wadhwani
(-)
(29 Points)
Replied 09 August 2016
Rs. 12000 considered as a income of mother.
Clubbing provision not apply In this case.
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