Gift

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2013 When a father HAS GIVEN THE GIFT IN FORM OF DEPOSTING CHEQUE BY WAY OF RS MORE THAN RS 1 L IN CHEQUE , IS CLUBBING PROVISION APPLICABLE?
HOW INCOME TAX IS TREATING THIS GIFT ?
TO WHOM taxability is applicable?
I have made gift deed on stamp paper with witness.
Pl suggest the recoomendation.

TKKKKKK

TKKKKKK (Expert)
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01 June 2013 GIFT FROM THE RELATIVE IS EXEMPT. BUT INCOME FROM THAT GIFT WILL BE CLUBBED IN A FATHER'S INCOME.

Ganeshbabu K

Ganeshbabu K (Expert)
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01 June 2013 gift given by father is application of income only,..gift is taxable in the hands of father

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Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2013 how it is good to understand every gift made by the allowed and good on the tax laws cover under the application of the case and chargeable to tax in the hands of the donor?