Gifts received by minor
This query is : Resolved
CA Garima Bhayana
(Querist)
12 March 2020
If minor received cash gift then is it clubbed in hands of parents and if yes then where to disclose this in ITR? Please clarify this with all provisions
CA R SEETHARAMAN
(Expert)
12 March 2020
Birth day gift received and gift received from relative exempt. Cash gift from relative should not be 2 lacs and above.
Gift received from non relative in a year exceeding 50,000 by minor will be clubbed in the hands of parents and disclosed under income from other sources in the ITR.
Gift received from non relative in a year exceeding 50,000 by minor will be clubbed in the hands of parents and disclosed under income from other sources in the ITR.
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