Does transfer money to Mother comes under clubbing of income ?

POSTED BY dkkatariya ON January 23, 2014 3:19 pm COMMENTS (3)

Does transfer money (through net) to mother account & earn interest on this money by mothers comes under clubbing of income ? or is any tax liability occur in my account.

3 replies on this article “Does transfer money to Mother comes under clubbing of income ?”

  1. dkkatariya says:

    Dear Ashal
    If I transfer money (through net) to joint account(Either or survivor) with my mother (first holder is my Mother ) & earn interest on this money by us/mother comes under clubbing of income ? or is any tax liability occur in my account?
    Regards
    D.K.Katariya

  2. ashalanshu says:

    Dear Dkkatariya, if you prepare a gift deed, it becomes your mother’s capital any income earn from it, ‘ll be taxable under her name.

    Point to be noted, as it’s now mother’s capital, your siblings now has equal share on this capital along with you in case of death of your mother with out a WILL.

    Thanks

    Ashal

  3. moneysmart says:

    No Idia about that.. i think this not comes under clubbing of income.

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