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Tax on gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 July 2012 Pls guide

1]My Minor son received gift of rs.45000 on his birthday from different guest.
will the amount be clubbed in my income?

2]if my two minor sons received gift of rs 45000 each on thier birth day, will the income be clubbed in my income?
pls answer in details
please guide. i could not find satisfactory ans yet.
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aadish

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aadish (Expert)
31 July 2012 According to sec 56(2), if aggregate sum of money received by individual or HUF does not exceed Rs. 50000, then it is exempt, so amouns received by your sons on birthday party shall not be clubbed with your income cz it is not taxable in your minor hand.

The logic is if it is not taxable in individual/ HUF's hand, then it will not taxable in minor's hand, and therefore clubbing provisions are not applicable.

Hope your query is resolved.
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Guest

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Guest (Expert)
31 July 2012 Clubbing provisions are not attracted. Agree with the expert.
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SANYAM ARORA

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SANYAM ARORA (Expert)
31 July 2012 Ni it wont get clubbed as per the provisions of Section 56
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