Hi Ritesh,
Please ignore my previous opinion.
Here in this case clubbing provisoin will not apply because nothing section provides in Income tax act which apply for clubbing provision in case of mother and daughter relation.
Meaning thereby if mother earns income on by investing this gifted money, then it will be taxed in hand of mother only.
Hi Ritesh,
Please ignore my previous opinion.
Here in this case clubbing provisoin will not apply because nothing section provides in Income tax act which apply for clubbing provision in case of mother and daughter relation.
Meaning thereby if mother earns income on by investing this gifted money, then it will be taxed in hand of mother only.
Ritesh I have posted a PM to you regarding your Query for Clubbing Provisions applicability. It will not be applicable in your case
Gifts under section 56(2)(vi) of the Income Tax Act, 1961
Where any sum of money, the aggregate value of which exceeds Rs.50,000, is received without consideration by individual/HUF, the whole of aggregate value is taxable as income from other sources.
| Originally posted by : avinash singh | ||
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Gifts under section 56(2)(vi) of the Income Tax Act, 1961 Where any sum of money, the aggregate value of which exceeds Rs.50,000, is received without consideration by individual/HUF, the whole of aggregate value is taxable as income from other sources. |
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This provisoin will not apply :
| Originally posted by : Vishal Goel | ||
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Dear Sir please correct me if i wrong: the Gifts received from any of relatives are fully exempt from tax; Spouse of the individual, Brother or sister of the individual, Brother or sister of the spouse of the individual Brother or sister of either of the parents of the individual
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