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Can i gift cash to my son and income generated by it not clubbed with my income?

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I want to gift cash to my son and if he invests that money in income generating instrument, can income generated from that money be clubbed with my income or it could be his income.He is a student and does not get any income.Kindly advise me.
asked Jan 6, 2011 in Loans by anonymous  
    

 
 

 

2 Answers

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The income generated by that money from your son will be counted in his income and not yours.

The following link will also help you to understand better.
http://www.investmentkit.com/articles/2011/01/reduce-your-income-tax-by-gifting/

Hope it will help you.
Admin
http://www.InvestmentKit.com
answered Jan 6, 2011 by admin (47,360 points)   5 7 12
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Just wanted to add 2 cents more here. If your son is a minor, his income will be added to your income for income tax point of view.

Hope it will help you.
Admin
http://www.InvestmentKit.com
answered Jan 10, 2011 by admin (47,360 points)   5 7 12

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