GIFTS
Querist : Anonymous
I have a minor daughter and a minor son who's income is also clubbed in my income.
They both have also received Rs. 21000/- each as gift from non relative on their Birthday.
Hence total gift received by me and my minor children in F.Y. 10-11 is Rs. 67,000/-
My query is whether these gifts will be taxable in my hand or limit of Rs. 50000/- will be available to each one of us??
Querist : Anonymous
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