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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Traces submitting correction statement error
- Banking Related Issue
- TDS on rent received on hardship compensation being rent on redevelopment of building
- NRI INSURANCE ADVISOR
- Reporting in TDS return
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
