Minor kids saving account
This query is : Resolved
06 September 2018
How much amount we can deposit in a minors account which he has received as gift from our relatives ? Whether it will be added to father's taxable income ?
06 September 2018
income will add in higher income parents . detail of amount deposited can be ask by deptt. and dedction Rs. 1500/- per child can claim out of child income which is not earn by child its self.
Message likes :
1 times
06 September 2018
Someone told that upto 50000 will be tax free if deposited in minor kid's account without even declaring the source of that amount i.e. earned from gifts etc. So thats not true ?
12 September 2018
yes, under income tax gift upto Rs. 50000/- is free. if you get gift from relative in blood relation, then this limit not applicable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- U/s 44AD of Income tax
- LIC Annuity received under Jeevan Akshay Scheme
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
