Taxation of gifts
Pranay Mehrotra (Student) (25 Points)
28 May 2016Pranay Mehrotra (Student) (25 Points)
28 May 2016
Abhishek Ranjan Singh
(Managing Director and Founder of ARS Solutions)
(6570 Points)
Replied 28 May 2016
The I-T Department considers:
You are exempt from tax under the following situations:
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
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Pranay Mehrotra
(Student)
(25 Points)
Replied 28 May 2016
Thank you Sir. But that only solves one part of my query. The other part is that whether the interest income earned from such gift will be taxable in the hands of donor (under clubbing) or will it be normally taxed in the hands of donee?
Ruchi
(CA)
(1410 Points)
Replied 28 May 2016
Clubbing provisions are not applicable in your case and hence it will be normally taxed in the hands of parents.
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