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Clubbing of minors income

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 July 2012 Respected Experts PLS GUIDE

1] IF MINORS INCOME IS BELOW TAXABLE INCOME
I.E. RS.45000 WILL BE IT CLUBBED IN PARENTS INCOME

2] A HAS TWO SONS NAMED "B" & "C"

EACH OF THEM RECEIVED GIFT ON BIRTH DAY OF RS.45000/.
WILL THE GIFT AMOUNT OF RS. 90000 BE CLUBBED IN PARENTS INCOME?

I THINK "b" RECEIVED GIFT BELOW 50,000/
"c" RECEIVED GIFT BELOW 50,000/. IT SHOULD BE TAX FREE & NOT CLUBBED IN PARENTS INCOME
AM I RIGHT OR WRONG?
PLS GUIDE
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Amol S Joglekar

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Amol S Joglekar (Expert)
31 July 2012 Gist is taxable in the hands of donee subject to sec 56. Once it is taxable , it will be clubbed
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