money received from son...is it taxable which further i invest in fixed deposit
Albert Desouja (B.Com) (78 Points)
14 September 2016Albert Desouja (B.Com) (78 Points)
14 September 2016
Abhimanyu
(CA)
(316 Points)
Replied 15 September 2016
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 16 September 2016
Please keep in mind the following points
1. Needs to raise gift deed between you & your son. Then only the transaction will have legal recognition.
2. If you get any income like interest etc through investing gifted income, then clubbing provisions will be applicable.
Please follow the link for more clarification regarding gifts
https://incometaxreturnindia.com/income-tax-on-gifts/#.V9uDbVt97cc
Albert Desouja
(B.Com)
(78 Points)
Replied 16 September 2016
Abhimanyu
(CA)
(316 Points)
Replied 16 September 2016
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 16 September 2016
Thanks for correcting Abhimanyu.
Yes. Clubbing provisions will not be applicable in the above scenario. Hence it will be taxable in parents hands only.
Albert Desouja
(B.Com)
(78 Points)
Replied 19 October 2016
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