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?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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08 August 2011 The income from that gift will be taxable in your hands due to clubbing provisions

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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)

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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.