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Taxation on gifts

This query is : Resolved 
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(Querist)
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?
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CA R SEETHARAMAN

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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.
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Amol S Joglekar

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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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