incoe transfer to father
This query is : Resolved
10 November 2009
Income transfer to father will attract the provision of sec56 of income tax??
10 November 2009
Income will be taxable in hand of son. Gift to father is out of purview of section 56(2)
Guest
Guest
(Expert)
10 November 2009
No clubbing provisions will be attracted.
10 November 2009
If the son earns any income himself he bears the tax. After that if he transfers to the father, there is no tax to the father.
In case he transfers the asset or the money from which he earns income to his father, there is no tax to the father on transfer of the asset or the money. Thereafter father will only be assessed to income tax on the income generated.
You cannot transfer the income without transferring the asset.
In case he transfers the asset or the money from which he earns income to his father, there is no tax to the father on transfer of the asset or the money. Thereafter father will only be assessed to income tax on the income generated.
You cannot transfer the income without transferring the asset.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
