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Taxability of cash gift

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(Querist)
12 March 2014 I wish to give a cash gift of Rs 2 lakh to a new born child of my daughter. Will it be exempt from tax in the hands of the minor. if yes why?
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CA Nikhil Bhansali

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CA Nikhil Bhansali (Expert)
13 March 2014 Yes Its exempt u/s 56
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CA Nikhil Bhansali

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CA Nikhil Bhansali (Expert)
13 March 2014 But income from this 2 lac is subject to clubbing provision
With Regards
CA NIkhil Bhansali

bhansalinikhil@ymail.com
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