Cash from minors dughters
This query is : Resolved
03 May 2017
please advice as per indian income tax section 56 (2) which said gifted income more than 50000 or property is taxable in the hand of receiver but that clause shall not apply to any sum of money received from any relative...again that section specified "relative means": a. spouse of the individual b. brother or sister of the spouse of the individual c. brother or sister of either of the parents of the individual d. brother or sister of the spouse of the individual e. any lineal ascendant or descendant of the individual f. any lineal ascendant or descendant of spouse of the individual so need yur advice will that money which i have received from daughters (they are Minors, & they are revived from their mama, mami, nani ) is treated as gifted money and sure receiver have not to pay any tax on that money... second thing what is clubbing provision ..will it be applicable in my case because i will invest it fixed deposit
05 May 2017
You need to check the source of income of minor(in what way she can gift you) and that income should be clubbed with your income.
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