Tax on cash gifts
This query is : Resolved
17 October 2007
My two year old kid collects say Rs 30,000/annum as 'shaguns' on miscellaneous family functions
*what will be the best way to reveal it in IT return.
*Being minor, is she eligible to file IT return.
*In which way the parent can best manage this amount to avoid tax.
*what will be the best way to reveal it in IT return.
*Being minor, is she eligible to file IT return.
*In which way the parent can best manage this amount to avoid tax.
17 October 2007
The entire Rs.30,000/- will be exempt from taxation. But for computation purpose the gift income can be clubbed either of indiviual or Spouse income.
The gift received from relatives it is not taxable irrespective of the amount.
The gift received from outsiders more than Rs.50,000/- it is taxable.
The gift received from relatives it is not taxable irrespective of the amount.
The gift received from outsiders more than Rs.50,000/- it is taxable.
18 October 2007
You are within limits for Tax Exemptions, This is Chargeable > 50000
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Dep. as per companies act
- Change Of Karta In Case of Death
- GST Intimation due to Government took possession of Business Premises under PPE Act
- GST ISSUE OF INPUT AND OUTPUT GST
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
Quick Links
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
