Taxability of cash gift
This query is : Resolved
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?
13 March 2014
Yes Its exempt u/s 56
13 March 2014
But income from this 2 lac is subject to clubbing provision
With Regards
CA NIkhil Bhansali
bhansalinikhil@ymail.com
With Regards
CA NIkhil Bhansali
bhansalinikhil@ymail.com
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