Gift to minor
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
As a father,i have given a gift to my minor son and he generate income from gift amount,that income will be taxed in the hands of ...............? and why?
08 August 2011
The income from that gift will be taxable in your hands due to clubbing provisions
08 August 2011
that income will be taxed in the hands of ...............?
the parent whose total income is more.
It is prescribed U/Section 64(1A)
the parent whose total income is more.
It is prescribed U/Section 64(1A)
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2011
thanks sir but one more question regarding i.e.parent whose total income is more taxable or father/
mother who will give the gift will be taxable bcoz this is case of gift and than generate income from that only.
mother who will give the gift will be taxable bcoz this is case of gift and than generate income from that only.
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