Investment of savings

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 March 2013 if father wants to invest some money from his savings to set up a business for his major son then what will that investment be called? ?? and will the income from that business will be taxable only in the hands of the son or in the hands of father also as per income tax act,1961 ??

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)
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29 March 2013 income from that business will be taxable only in the hands of son...

for that.. take the money to be invested in the business as a gift from father to the name of son and then invest the same for business...

in that case income from business will be taxable in the hands of son..