16 July 2013
DCB When a father HAS GIVEN THE GIFT IN FORM OF DEPOSTING CHEQUE BY WAY OF RS MORE THAN RS 1 L IN CHEQUE , IS CLUBBING PROVISION APPLICABLE? HOW INCOME TAX IS TREATING THIS GIFT ? TO WHOM taxability is applicable? I have made gift deed on stamp paper with witness. Pl suggest the recoomendation.
18 July 2013
CLUBBING PROVISIONS ARE APPLICABLE ONLY IF THE DONEE SON IS MINOR. TILL HE ATTAINS MAJORITY INCOME FROM GIFTED AMOUNT WILL BE CLUBBED WITH INCOME OF FATHER. iF SON IS MEJOR, INCOME WILL BE TAXED IN HIS HAND ONLY.
25 August 2013
Any amount of gift to the relative is not taxable except the provisions fo section 64 is applicable. The expert is correct that if it is to minor son then clubbing is applicable. Otherwise the gift is not at all taxable made to relatives.
CAclubindia
