Sec 64(1a)

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janak kumar singhal (Querist)
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30 December 2015 sir,
if me and my minor child both receive gift of Rs. 50000/- each then how taxability occure?

reply urgent

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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31 December 2015 If gift received by you is from relatives as defined in income tax law than there is no taxability in your hands. Since it is not more than Rs. 50000/- it is exempt even if it is from non relatives. As far as minor child gift is concerned the same will have to be clubbed with your income however it will be exempt if received from relatives and even from non relatives since it is not more than 50000/-.

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