14 August 2013
daughter in law made gift of rs 2 lakh to her father in law who has made FDR for rs 1 lakh in his name and 1 lakh into his businees whether the gift is taxable in the hands of father in law (receipt ant )and but is the Poisson of income earned by father in law on this gifted money of bank interest and income from business
14 August 2013
1. Amount received from daughter-in-law is NOT TAXABLE in the hands of the father-in-law.
2. Income earned from such amount will NOT be clubbed in the hands of the daughter-in-law since clubbing provisions DO NOT apply in case of transfer by daughter-in-law to her father-in-law.
CAclubindia
