03 April 2018
SIR, PLEASE LET ME KNOW ,I HAVE RECEIVED THE GIFT FROM MY FATHER RS.25 LACS ,CAN I GIVE IT TO MY SON WITH THE SAME FINANCIAL YEAR. PLEASE DO THE REPLY. THANKS AMIT
03 April 2018
There is not restriction or denial in the law. Only thing you need to remember that the income from the Gifted money shall be clubbed with your income, is your son is a minor
03 April 2018
The Gift received by you and Gift given to your son by you will not attract tax. However, if you make investment in fixed deposit or any other source that generates taxable income in your son's name, the interest or taxable income on the asset created in your son's name will be clubbed with your income if your son is a minor. There are circumstances it can be clubbed with your wife's income if she is having independent source of income and her taxable income is more than yours.
CAclubindia
