Dear All
A Father Has Given Gift to his daughter after 5 years of Marriage ,in such case if any income arises on such gifted thing in whose income it will be clubbed. Please Advice me
Thanks In Advance
none. it will be her income
It will be not the income of anybody for the purpose of income tax.Gifts can be given to relative any time .
INCOME ARISING FROM PROPERTY GIFTED TO MAJOR DAUGHTER WHETHER MARRIED OR UN-MARRIED WILL BE TAXABLE IN THE HANDS OF DAUGHTER.
Provision of section 56(vii) is very clear according to which if any sum of money received from any relative, same shall not be taxable.
As per Explanation to clause (vii) of section 56 and lineal ascendant or descendant of the individual is relative.