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gift income

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 January 2010 what amount of gift income is exempted for minors other then recived from blood relationship
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
13 January 2010 If Minor is not receving from anyone of the followings, then it will be taxable(section 56):

1)From his parents
2)From any brother or sister of his father
3)From Parents of his Parents
4)From his Brother or Sister
5)Brothers or Sisters of his Grandparents

Therefore, it will be taxable amount. However, also keep in mind the concept of CLUBBING OF INCOME.
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