Cash Gift to Minor
This query is : Resolved
28 August 2024
Hi,
My daughter of 3 years (Minor) on her birthday has received cash gifts ranging from Rs. 2,100 to Rs. 5,100, totalling to approx. Rs. 29,000.
1. Can I deposit the same amount in her bank account tomorrow, means the day next to her birthday ?
2. Any proofs to maintain for the same or any document ?
3. Income Tax implication for the same ?
4. Any other thing to keep in mind ?
Thanks in Advance.
My daughter of 3 years (Minor) on her birthday has received cash gifts ranging from Rs. 2,100 to Rs. 5,100, totalling to approx. Rs. 29,000.
1. Can I deposit the same amount in her bank account tomorrow, means the day next to her birthday ?
2. Any proofs to maintain for the same or any document ?
3. Income Tax implication for the same ?
4. Any other thing to keep in mind ?
Thanks in Advance.
29 August 2024
1 yes.
2 Proof not required.
3 It will be included in your income and taxable.
4 No other things.
2 Proof not required.
3 It will be included in your income and taxable.
4 No other things.
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29 August 2024
Hello Sir,
Even if the amount is below 50K, i.e. 29,000 in this case, will it be taxable in hands of parent?
Even if the amount is below 50K, i.e. 29,000 in this case, will it be taxable in hands of parent?
29 August 2024
Not taxable below 50k.
02 September 2024
Hello,
Is this cash gift need to be shown in parent's ITR, as due to being a minor and income of minor is being taxed in hands of parent?
Is this cash gift need to be shown in parent's ITR, as due to being a minor and income of minor is being taxed in hands of parent?
03 September 2024
No need to show cash gift in ITR.
Income only has to be shown.
Income only has to be shown.
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