On 20.10.2020, Pihu (minor child) gets a gift of ₹ 20,00,000 from his father’s friend. On the same day, the amount is deposited in his bank account. On the said deposit, interest of ₹ 13,000 was earned during the P.Y. 2020-21. In whose hands the income of Pihu shall be taxable?
A. Income of ₹ 20,11,500 shall be taxable in the hands of Pihu’s father.
B. Income of ₹ 20,13,000 shall be taxable in the hands of Pihu’s father.
C. Income of ₹ 20,11,500 shall be taxable in the hands of Pihu’s father or mother, whose income before this clubbing is higher.
D. Income of ₹ 20,13,000 shall be taxable in the hands of Pihu’s father or mother, whose income before this clubbing is higher.
Answer:C
On 20.10.2020, Pihu (minor child) gets a gift of ₹ 20,00,000 from his father’s friend. On the same day, the amount is deposited in his bank account. On the said deposit, interest of ₹ 13,000 was earned during the P.Y. 2020-21. In whose hands the income of Pihu shall be taxable?
A. Income of ₹ 20,11,500 shall be taxable in the hands of Pihu’s father. B. Income of ₹ 20,13,000 shall be taxable in the hands of Pihu’s father. C. Income of ₹ 20,11,500 shall be taxable in the hands of Pihu’s father or mother, whose income before this clubbing is higher. D. Income of ₹ 20,13,000 shall be taxable in the hands of Pihu’s father or mother, whose income before this clubbing is higher.