taxability of cash gifts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2010
in whose hand cash gifts received by minor son/daughter beyond exemption limit be taxable???
e.g. X minor son of MR. A receives Rs.60000 cash gift from freind of Mr. A.Who will be taxable,Mr. A or X and wat is the taxable amnt????
e.g. X minor son of MR. A receives Rs.60000 cash gift from freind of Mr. A.Who will be taxable,Mr. A or X and wat is the taxable amnt????
18 April 2010
Re.60,000/- has to clubbed and assessed in the hands of Mr.A under section 64(1A). However Mr.A can claim exemption for Rs.1,500/- undersection 10(32) of the Income tax Act,1961.
19 April 2010
agree
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
- DELIVERY GOLD & SILVER AND OTHER ETF TRADING PROFIT AS BUSINESS INCOME
- Regarding Individuals Retuned to India and Resident currently
- Clubbing of Income - Minor
- Provision for loans that are under Revenue Recovery
- APPLICABILITYOF GST ON STUDENT HOSTEL FEES
- 3cd- cash system of accounting is allowed?
- Form 121-contradictory opinions
- Is Personal Guarantee of Director is Compulsory in case of loan to company ??
- Rectification of TDS return - Sale of property
- ERROR IN DEPRECIATION CALCULATION IN PREVIOUS YEAR COMPANY'S BOOKS
- Old ptec number list maharshtra pdf
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
