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Cash or cheque gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 February 2014 1.PARENT GIFT TO MINOR CHILD OF RS. 3 LAKHS IN CASH OR CHEQUE. IS IT TAXABLE?
2.HUSBAND GIFT TO WIFE RS. 3 LAKHS IN CASH OR CHEQUE IS IT TAXABLE & WHAT SECTION IS IT TREATABLE?

THANKS IN ADVANCE....
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
09 February 2014 gifts to relatives dont result in any additional taxability. however in both the cases, the income from the such gift shall be clubbed with the giver's income.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
13 February 2014 1. not taxable u/s 56(2).
2. not taaxble.
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