Minor kids saving account
This query is : Resolved
Ashish badaya
(Querist)
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 ?
Rupesh Jain
(Expert)
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.
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Ashish badaya
(Querist)
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 ?
Rupesh Jain
(Expert)
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.
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