@chanchal (CA final student) (55 Points)
29 November 2009cash gift recd from mother rs 351000 by a major unmarried daughter..if such amount is invested by daughter in fdr's and intt recd on such fdr's then whether it is clubbed in mother's income or taxable as such daughter's income..
plss reply and also give some ref.
Dhruv
(Chartered Accountant)
(308 Points)
Replied 29 November 2009
Since the daughter is not a minor, income will not be clubbed, there is no provision for clubbing when asset is transfered from mother. So bank interest will be daughter's income only, for reference, go through section 64(1), there's no mention of clubbing of income from major children.
@chanchal
(CA final student)
(55 Points)
Replied 29 November 2009
| Originally posted by :chanchal sharma | ||
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thanx dhruv...
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