Clubbing of income
This query is : Resolved
23 May 2017
Hii..
query: If a guy wants to gift a amount of Rs.1 Lac to his fiancee, so will the interest received on that FD will be taxed in the hands of the guy (i.e. Clubbing provisions will be attracted or not), if yes, requesting you to quote case law or relevant section...
Regards,
Ankur
query: If a guy wants to gift a amount of Rs.1 Lac to his fiancee, so will the interest received on that FD will be taxed in the hands of the guy (i.e. Clubbing provisions will be attracted or not), if yes, requesting you to quote case law or relevant section...
Regards,
Ankur
24 May 2017
You can refer to the definition of relative as per Income Tax Act 1961. It does not include fiancee . Thus in your case clubbing provision will not be applicable
25 May 2017
Thanks.. So basically, in case of relatives, any income arising from the gift received is to be clubbed with the person giving the gift (i.e. the person who had gifted in the first place)
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