Clubbing provision under Wealth Tax Act, Other Topics

[Vikas Aggarwal]

Dear Sir/Madam,

Issue No-2: If a major married son transfer some wealth (Jewellery) to his father, acn it is clubbed in the hand of Son or value in the hand of father for Wealth tax purpose.  

Can gift deed required for same transfer.

Issue No-3:  If member of HUF gift (through gift deed) some wealth (Jewellery) to HUF, is this tranfer clubbed in the hand of member or HUF.

Thanks & regards,

CA Vikas Aggarwal

Posts / Replies

[CA GOPALJI AGRAWAL]

Issue 2- It would be taxable in the hands of Father.

 

Issue 3- The wealth would be taxable in the hands of member.