Mr.X falls under 30% & wherin he needs to pay 20% tax amount on int Deducted on F.D.
He is willing to take the F.D on his Son's name to save the tax amount as he falls under exemption limit.
Please let me know does the income of the son will fall under clubbing of income.
Please refer the relevant case law.
Thanks
Transfer d amt by gift. If son is major, clubbing provision won't apply.
A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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Chirag N Shah & Associates
Mumbai
CA Inter
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