I WANT TO GIVE SOME MONEY AND ASSETS TO MY SON (18+) TO SET UP A NEW BUSINESS. WHAT PROCEDURE SHOULD I TAKE SO THAT HIS TOTAL INCOME WILL NOT BE CLUBBED IN MY HEND.
25 April 2009
Prepare a Gift deed. Pay the stamp duty of your state. Approximately it will be Rs.1000. Register the gift deed. The expenses will be approximately 750. Then the assets transferred will become the property of your son and it will not be clubbed again in your hands.
CAclubindia
