gift v/s clubbing
dasd
(Querist) 06 December 2010
This query is : Resolved
my family there r 4 demat a/cs -(1 of my mother,1 of my father,1 of my grans ma, 1 of me) .of the above i have to mtain only 1 a/c(either my mother /father/my).others i have to close b/c of amc or other mtance. problemsi have no earning as such but my father/mother/grandma has taxable income.wht strategy should i adopt so tht it becomes tax free?
grandmother's shares----(as a gift to me or my father) since relative(as per income tax act in sec 56(2)(vii)).
mother's shares -----to me
fathers share --to me
whether any clubbing provisions apply since i am major son & there r no clubbing provisions regarding major son in the act?
but if my father transfer to my mother there wil be clubbing provision.
consisdering all permutation &combination give me the best advice.pls see the file attached.pls reply it's urgent
G. ARAVINTHAN
(Expert) 07 December 2010
Try for a family arrangement deed
Raj Kumar Makkad
(Expert) 07 December 2010
As you have become major so execute a family settlement and then make your account separate from all other members of your family. It shall exonerate you from clubbing.
dasd
(Querist) 07 December 2010
thanks 4 responding to my query """""http://www.lawyersclubindia.com/experts/gift-v-s-clubbing-136271.asp""""
what is family settlement deed whether after mkg this deed it'll have same clubbing treatment if i execute a gift deed?
wht's the benfit in mkg family settlement deed instead of gift deed????
pls elaborate & mail me a format of family settlement deed if u've at l_icai@yahoo.co.in or upload on this site only so tht it's helpful for others also
