17 January 2016
If father give money as gift to his major son and son earn any income such as interest, dividend,profit by investing that money, clubbing shall be made in income of father .....?
please give the transactions in which clubbing shall not attracted at all...
18 January 2016
So it means an assessee transfer income or any property to the person other than spouse/sons wife/minor son or daughter or to any person for benefit of spouse/ sons wife then -
Clubbing shll not be attracted...am i right....?
18 January 2016
Yes you are right. But please also keep in mind that gift to non relatives beyond Rs 50000/- are taxable in the hands of recipient U/s 56(2)(vii).
CAclubindia
