Regarding giving income to family members

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SE
37 Points Posted on 25 July 2012

Hi All,
I am an Individual(I) Tax Payer.


My question is,

If I give some amount of money I earned as a Financial Help to my family member like my Mother or own Sister, (both are Taxpayers, i.e  have PAN)


1. will that amount still be counted as my Income and will it be taxable (when filing tax for that financial year)

OR

2. will that income add as taxable income for my mother or sister and for me it will not count in my Taxable Income


What are the current Indian Income Tax Rules for this ?

(The question is for FY 2011-12 and 2012-13)


Thanks in advance for answering my query.

-Arun

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On 25 July 2012 at 13:38 Report
Replies (6)
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CA
930 Points Posted on 25 July 2012

It will be clubbed in your income only

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On 25 July 2012 at 14:41
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Audit and Tax Advisory
48564 Points Posted on 25 July 2012

IT IS CHARGEABLE TO TAX FOR U ONLY

 

1 Reply
On 25 July 2012 at 15:02
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Chartered Accountant
334 Points Posted on 25 July 2012

It is your income and is chargeable to you only.

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On 25 July 2012 at 15:29
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(CA Final) Article
363 Points Posted on 25 July 2012

it will be firstly charged in your income .....then if u want to give some portation of amount to your mother or sister then u can gift them .......

2 Reply
On 25 July 2012 at 16:11
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Chartered Accountant
1784 Points Posted on 25 July 2012

No deductions allowable in any section with regard to financial help to family members under the Income Tax Act, 1961.

Whatever income earned by U is taxable in your hand only. 

1 Reply
On 25 July 2012 at 16:17
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SE
37 Points Posted on 26 July 2012

Thank you all for your clarifications.

My question was relavant to a new clause/rule introduce by income tax india, regarding giving gifts which could be income also.

So could someone here please give details of that new Rule.

 

-Arun

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On 26 July 2012 at 11:03

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