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Gft exemption query

Sanjay (Properitor) (34 Points)

20 April 2015

1. Whether Gift to Daughter's Son's Wife Exempted or Taxable?

2. Whether Gift to Daughter's Son's Son who is minor Exempted or Taxable ?

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7 Replies

NAVIN AGICHA (HELPING HAND) (1313 Points)
Replied 20 April 2015

1 Relatives means - Spouse of Individual - Brother & Sister of Individual - Brother & Sister of Spouse of Individual - Brother & Sister of either of the parents of Individual - Any Lineal ascendants or descendants of the individual -Any Lineal ascendants or descendants of the spouse of the individual.

Sanjay (Properitor) (34 Points)
Replied 20 April 2015

Kindly Reply with My Query

as the provision is little uncomfortable for me to Understand

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 20 April 2015

Hello,

I think in Case 1 : It will be taxable.

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 20 April 2015

In case 2 : also taxable

Any Income that accrues or is paid to a minor is clubbed with the Income of the parent under section 64(1A). ‘Clubbing’ means such Income gets added to the parent’s income and is taxed just like it is the Parent’s own income.