Tax ttretment in hand of minor
This query is : Resolved
25 July 2012
If a minor received Rs. 11000/- each from five different persons (so total receipt Rs. 55000/-) on his Birthday, then what will be tax treatment?
25 July 2012
The amount will be clubbed in the hands of his/her parents and the full value of Rs.55000/- will be taxable
But if the same is received from his/her RELATIVES
Then the same will be not taxable in the hands of Parent in which it is clubbed
But if the same is received from his/her RELATIVES
Then the same will be not taxable in the hands of Parent in which it is clubbed
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