Gifts
This query is : Resolved
23 April 2013
Can an individual who is a minor, accept gift from his Grand father's Sister without paying any income tax.
Note : Since the individual is minor and cannot give consent for receipt of gift, the gift would be accepted by the minor's father for and behalf of minor.
Thus can it be construed that the gift is received by minor's father from his father's sister and not chargeable to tax.
Note : Since the individual is minor and cannot give consent for receipt of gift, the gift would be accepted by the minor's father for and behalf of minor.
Thus can it be construed that the gift is received by minor's father from his father's sister and not chargeable to tax.
23 April 2013
gift's received by minor is income of minor and will be considered as income of parent's as per clubbing provisions.
no it can not be construed, though if there's no such proof it can be shown as gift to his father from her aunt(bhua)and can be covered under exemption.
but other things also to be taken into consideration in case it involves large amount, that her aunt has that much income or not and whether properly shown or not.
no it can not be construed, though if there's no such proof it can be shown as gift to his father from her aunt(bhua)and can be covered under exemption.
but other things also to be taken into consideration in case it involves large amount, that her aunt has that much income or not and whether properly shown or not.
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