Taxation on gifts
This query is : Resolved
08 November 2016
IF A MINOR GRAND DAUGHTER RECEIVES GIFT OF MORE THAN AMOUNT RS. 50,000 ; FROM GRANDFATHER'S HUF , IS IT TAXABLE IN HER FATHER'S HAND?
IF SHE IS A MAJOR , IS IT TAXABLE IN HER HANDS?
IF SHE IS A MAJOR , IS IT TAXABLE IN HER HANDS?
CA R SEETHARAMAN
(Expert)
08 November 2016
Only the income earned on the amount gifted will be taxable in the hands of father.
Gift will not be taxed in the hands of major.
Gift will not be taxed in the hands of major.
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Amol S Joglekar
(Expert)
08 November 2016
If the minor grand daughter is member of HUF, then gift above 50,000 is not to be treated as income u/s 56
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