Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 October 2013
Dear Sir,
I have a case that if a minor child receives a gift of Rs 51000 from a non relative will the exemption available under section 10(32)in case of clubbing. if it applies than it wont be taxable in the hands as it will be below 5000 i.e 49500 so please do reply how the taxability works
I have a case that if a minor child receives a gift of Rs 51000 from a non relative will the exemption available under section 10(32)in case of clubbing. if it applies than it wont be taxable in the hands as it will be below 5000 i.e 49500 so please do reply how the taxability works
15 October 2013
Yes exemption will be allowed but the gift amount will not reduce by virtue of this sec as it is in sec 10- exemption and you cannot reduce amount of exemption from gift as it is not earned, so it will be clubbed and will be taxable.
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