Dear Sir/Madam,
I have doubt in the following issue, plz guide/suggest me on this issues:
Issue-1: If a Mother transfer/gift some wealth (Jewellery) to his major married son, can the said trf clubbed in the hand of mother for wealth tax purpose or it is valued in the hand of son's
Is gift deed required for the said transfer.
Issue-2:
Wealth transferred to a major son not clubbed with mother's wealth under Section 4(ii) of Wealth Tax Act. A query was raised regarding the clubbing provision under the Wealth Tax Act, specifically whether wealth transferred by a mother to her major married son would be clubbed in the mother's hands for tax purposes. The response clarified that under Section 4(ii) of the Wealth Tax Act, the clubbing provision applies to a minor son, not a major one. Therefore, the major son would be liable for the wealth tax on the transferred assets. The necessity of a gift deed for the transfer was not directly addressed in the reply. (AI Summary)
TaxTMI 
TaxTMI 
