I GIFTED MY COLLEGE GOING SON RS. 100000 DURING 2015-16 AND HE MADE A STCG OF RS.10000 FROM SALE OF SHARES BOUGHT BY HIM. HE HAS NO OTHER INCOME. WHAT WILL BE TAX IMPLICATION ON HIS ITR FOR AY 2016-17? ANY TAX TO BE PAID ON STCG?
G RAMESH
Menu
Stcg
Replies (2)
Clubbing of Income of a Major Child (18 or more than 18 years old)
In case of Major child clubbing provision is not applicable so in the present case STCG is taxable in the hands of your son.
If any assessee is gifted an amount to his/her major son & the major son earned some income by investing the gifted amount. In such a case, clubbing provisions will not be applicable. since it is earned by the major son.
It is one of the famous & proper way to save tax legally.
As far as taxabilityis concerned, since major son income is lower than basic exemption limit. Hence STCG is not taxable.
Recent Threads
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
- GST RATE OF OUT DOOR CATERING
Related Threads
CAclubindia
