Easy Office
LCI Learning

Clubbing of income

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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?
Profile Image

Ankur Singhal

Profile Image

Ankur Singhal (Expert)
10 July 2015 Cash gifts from relative are exempt.
So in this case no tax implication on father and daughter.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess


Answer Query



Quick Links