Son - Gift to mother & brother Rs.1 lac each in through online transfer. Invests in Fixed Deposits by both of us. Interest earned on that fixed deposits. On which person that Interest will be clubbed & taxable ??????
4 Replies
CA MANISH SAXENA
(Partner)
(561 Points)
Replied 22 February 2016
In the Income of Transferor !
However ur Question has less clearity .Request you to please elborate ur Question.
Toshar Ahuja
(Chartered Accountant)
(107 Points)
Replied 22 February 2016
Interest earned by mother from fixed deposits. Is that amount taxable to mother or son under clubbing provisions????
Taxability under which section to transferor ????
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 26 February 2016
Hello,
Here clubbing provision not apply...income will be taxable in mother's hand & brother's hand.
Assuming brother is not minor.
Toshar Ahuja
(Chartered Accountant)
(107 Points)
Replied 26 February 2016
I agree with u vishal............
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
