Clubbing of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2015
Case : Mr. X is a salaried employee who files his income tax return. He transfers Rs. 20000 p.m. to his daughter's saving account, who is a student and is major, which goes to a recurring deposit from her account. His daughter does not file her income tax return. Is the interest earned on the recurring deposit amenable to be taxed Mr. X's hands?
Ankur Singhal
(Expert)
10 July 2015
Cash gifts from relative are exempt.
So in this case no tax implication on father and daughter.
So in this case no tax implication on father and daughter.
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