Minor income such as birthday gift in cash

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TARIQUE RIZVI (Querist)
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18 March 2018 A minor daughter has earned in cash a sum of Rs 53,550 on account of her birth day gift. Whether the said income shall be clubbed with the income of parents. Since my daughter is still minor and her bank account is being operated by her parents. What to do in such case ? Whether any benefit or rebate is there on such income of birth day gift.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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18 March 2018 Any cash gift above Rs.50000 is taxable in the hands of the assessee. Assessee in case of minor child,will be the parent whose income is higher

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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18 March 2018 Exemption of Rs.1500 is available

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Minor income such as birthday gift in cash

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