Tax on gifting money
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Hi,
If "A" transfer money to one his/her retired parents B's account... lets say 'A' bank transferred 10 lac rupee , 'B' invests that money in some instrument like say in dividend stocks , so dividends received by 'B' will be taxed under A's tax bracket or B's tax bracket ?
Some youtube videos suggests that any money transferred to PARENTS(unlike wife,child ) account does not follow clubbing of income rule . so dividend will be taxed under B's tax bracket .
My CA told me clubbing of income will be applied evenif we gave money to parents account but CA on youtube claim otherwise. My CA is confused so I am 😄 , anyone know how this works ?
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youtuber CA is right, no idea how your CA is confused about it, clubbing between 'parent' & 'adult child' is not mentioned in whole income tax at all
Table ke niche 0 tax
No clubbing of income arising out of monetary gifts between parent and adult child (married female child not applicable)...
It's high time you change your CA.
CA getting confused with YouTube videos, it can't go lower than this.
If Money gift is given to relatives , than no tax , if given other than relatives than gift tax applicable to reciever combined with Income tax slab
later if sum receives returns on investment , interest tax liability on the receiver .. The giver has no liability in any case
With limited knowledge
I feel that
Tax Slab won't change for A tax need to pay same
Intrest from investment As PER Tax slab of B