Gift u/s 56(2)
This query is : Open
19 June 2015
RESPECTED SIR,
CAN A DAUGHTER IN LAW RECEIVE GIFT FROM HER FATHER IN LAW ?
PLEASE GUIDE ME
WITH REGARDS
CAN A DAUGHTER IN LAW RECEIVE GIFT FROM HER FATHER IN LAW ?
PLEASE GUIDE ME
WITH REGARDS
19 June 2015
Yes daughter in law can receive gift from her father in law the same will be exempt but if the gifted money or asset is put to some income generation than clubbing will be applicable in the hands of the father in law. For example cash is gifted by father in law and daughter in law makes FD out of it than interest income from such FD will be clubbed in the hands of the father in law.
19 June 2015
Following is the list of relatives as specified in section 56 of the Act.
Explanation.—For the purposes of this clause, “relative” means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);]
Hence DIL can accept gift fron FIL
Explanation.—For the purposes of this clause, “relative” means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);]
Hence DIL can accept gift fron FIL
19 June 2015
SIR,
MY TWO DOUBTS ARE AS UNDER
1.IF DAUGHTER IN LAW AND FATHER IN LAW BOTH ARE TAXABLE IN SAME TAX SLAB RATE THEN IT IS MANDATORY TO CLUB THE INCOME FROM FDR IN THE HANDS OF FATHER IN LAW ?
2.CLUBBING OF INCOME IS APPLICABLE IN THE CASE OF MINOR U/S 64(1)
SIR PLEASE GUIDE ME
WITH REGARDS
MY TWO DOUBTS ARE AS UNDER
1.IF DAUGHTER IN LAW AND FATHER IN LAW BOTH ARE TAXABLE IN SAME TAX SLAB RATE THEN IT IS MANDATORY TO CLUB THE INCOME FROM FDR IN THE HANDS OF FATHER IN LAW ?
2.CLUBBING OF INCOME IS APPLICABLE IN THE CASE OF MINOR U/S 64(1)
SIR PLEASE GUIDE ME
WITH REGARDS
20 June 2015
yes you have to comply with the provisions of the act.
2 yes, but if minor child earns income from his skills then no clubbing would apply.
2 yes, but if minor child earns income from his skills then no clubbing would apply.
22 June 2015
My question on which is similar. If daughter in law investment in property which is under construction. How clubbing will happen?
22 June 2015
My question on which is similar. If daughter in law investment in property which is under construction. How clubbing will happen?
22 June 2015
Dear Ca Simant Kumar
Clubbing is always applicable to income.
Hence clubbing will be in hand of FIL if auch property will generate income.
Clubbing is always applicable to income.
Hence clubbing will be in hand of FIL if auch property will generate income.
22 June 2015
Is this the way we can by pass clubbing income since it is a real estate and under construction property? What if she use it for residential purpose and not putting on rent. I don't think so. AO may add presumptive income like applying certain % and do clubbing.
what you said is correct, in that case it is loophole in Act.
what you said is correct, in that case it is loophole in Act.
22 June 2015
dear if Fil already has any other residential house registered in his name then the other house be deemed to be rented as income under house property.
If Fil do not hace any other residential property then no deemed income will be assumed.
Dear you see this loophole as now wealth tax is abolished hence clubbing apply only on income not on wealth.
If Fil do not hace any other residential property then no deemed income will be assumed.
Dear you see this loophole as now wealth tax is abolished hence clubbing apply only on income not on wealth.
22 June 2015
RESPECTED SIR,
ONE MORE DOUBT IS AS UNDER
THE BANK WILL DEDUCT T.D.S ON DAUGHTER IN LAWS PAN. ONLY DAUGHTER IN LAW CAN CLAIM T.D.S IN HER RETURN OF INCOME
SIR HOW THE INCOME WILL BE SHOWN IN FATHER IN LAWS RETURN BECAUSE FATHER IN LAW CAN NOT CLAIM SUCH T.D.S IN HIS RETURN OF INCOME
SIR PLEASE GUIDE ME
ONE MORE DOUBT IS AS UNDER
THE BANK WILL DEDUCT T.D.S ON DAUGHTER IN LAWS PAN. ONLY DAUGHTER IN LAW CAN CLAIM T.D.S IN HER RETURN OF INCOME
SIR HOW THE INCOME WILL BE SHOWN IN FATHER IN LAWS RETURN BECAUSE FATHER IN LAW CAN NOT CLAIM SUCH T.D.S IN HIS RETURN OF INCOME
SIR PLEASE GUIDE ME
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