Gift received by minor
This query is : Resolved
Pranay Agrawal
(Querist)
04 July 2013
1. I have taxable income of Rs.10lacs and my spouse taxable income from PGBP is Rs.1.75Lacs. My friends and distant relatives gave gift to my minor daughter Rs.40000 in cash.
Whether this cash gift received by my minor daughter be taxabe and if yes then in whose hand?
2. In case my minor daughter earned cash prize of Rs.75000 in stage dance show etc, in whose hands will the same be taxable- myself, my spouse or my minor daughter.
Whether this cash gift received by my minor daughter be taxabe and if yes then in whose hand?
2. In case my minor daughter earned cash prize of Rs.75000 in stage dance show etc, in whose hands will the same be taxable- myself, my spouse or my minor daughter.
05 July 2013
Income of the minor child (case2) to be clubbed with you as your total income is greater than that of your wife.Sec 64(1A) of the IT Act.
05 July 2013
Any cash gift received in excess of Rs 50000/- is taxable.In your case since Rs 40000/- is received by your minor child it wont be taxable,though it is received from a distant relative.
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