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Gift to major son

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(Querist)
07 August 2010 Mr X makes a gift of Rs 10.00 Lacs to his major son, Mr Y in 2008. In FY 09-10, Mr Y earns Rs 80,000 as interest on that gifted money. In whose hands that Rs 80,000 is going to be taxable? Will clubbing provisions apply?
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
07 August 2010 NO CLUBBING PROVISION WILL NOT BE ATTRACTED AND INTEREST AMOUNT WILL BE TAXABLE INTHE HANDS Y
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
07 August 2010 Clubbing provisions will not apply as Son is major and income of Rs.80000/- will be taxable in the hands of Mr. Y.
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VINOD ARORA

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VINOD ARORA (Expert)
07 August 2010 Agreed with experts
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
07 August 2010 agreed, taxable in the hands of your major son.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
07 August 2010 Agreed... Interest income will be taxable in the hands of major son.

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