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clubbing of income

This query is : Resolved 
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(Querist)
02 August 2010 Is income earned on gift(eg: interest received on debentures) received by a minor child from his/her grandfather clubbed with income of father/mother?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
02 August 2010 GIFT RECEIVED FROM RELATIVE IS NOT TAXABLE.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
02 August 2010 income from gift will be clubbed with income of father/mother.
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SHWETA GERA

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SHWETA GERA (Querist)
02 August 2010 sir, you are correct that gift received is not taxable, but what about the income earned?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
02 August 2010 YES INCOME WILL BE TAXABLE IN THE HANDS OF FATHER OR MOTHER WHOSE INCOME IS IS HIGHEST EXCLUDING THE INCOME OF MINOR.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
02 August 2010 Agree with CA Sanat.


(answer lock kiya jaye).

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