15 October 2008
Here, as regards point no. 2, i would like to mention that clubbing provisions will be attracted for the interest earned by spouse and son's spouse and the income shall be clubbed in father's Total Income
15 October 2008
I thank all for their valuable suggestions. I would request you to consider the issue of tax on the income generated on the gifted amounts. Since my father makes a gift from his capital not income, the gifted amounts should be considered as individual capitals of us. Should the income generated on the same be considered our individual incomes and be assessed in our hands individually?
CAclubindia
