25 June 2015
hi friends, please give me solution for the below problem. if gifts received by the minor child from persons other than relatives on the occasion of his/her birthday is subject to clubbing of income in the hands of parents under section 64. If yes. which income is to be clubbed whether the entire gift amount or income generated from such gift amount. give me reply as soon as possible with available case laws.
25 June 2015
Gifts in the form of money will be taxable only if the aggregate amount exceeds Rs.50,000 in a year otherwise the gift will not be taxable.
CAclubindia
