We all know that gift tax has been abolished and that gift to [b]relative[/b] of any amount is not taxable . But any income generated from that gift is taxable in the hands of the donor due to clubbing provisions. Am I right. I had doubts as I have been reading lots of article contrary to it.
Please advise
The One Says:
Yes you are correct for eg. If an asset is transferred to the spouse, income from such asset is also treated as income of the individual.
CAclubindia
