IF ANY MINOR RECEIVED 50000 CASH GIFT RECIVED IN ANY FININCIAL YEAR
HOW IT WOULD BE TAXED AND HOW CAN ANY ONE PLAN TAX ACCORDINGLY
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50000 cash gift recived by minor child how it would be taxed
Replies (5)
Sec 64(1A) it considered as minor's income which clubbed with parent's (here parent means mother or father who have higher income) income.
Sec 10(32) parent (mother or father in which minor's income clubbed) can get deduction max. 1500 p.a.
Sec 10(32) parent (mother or father in which minor's income clubbed) can get deduction max. 1500 p.a.
Agree with Mr. Mayur Patil. But one more thing I would like to add on that if the child is getting any sum because of his/her:
*Manual work
*Special talent or knowledge etc; or
*Child is of 80U category (ie. Specially abled)
Then this amount would be taxable in Minor's own hand.
e.g Any Child wins prize in "KBC" or "Dance India Dance" etc then that would be taxable in his/her hand.
*Manual work
*Special talent or knowledge etc; or
*Child is of 80U category (ie. Specially abled)
Then this amount would be taxable in Minor's own hand.
e.g Any Child wins prize in "KBC" or "Dance India Dance" etc then that would be taxable in his/her hand.
AMOUNT RECIEVED AS GIFT TO MINOR WILL EXEMPT UNDER GIFT
AS CASH GIFT RECIVED FROM FAMILY MEMBERS
amount received by minor as a gift from relatives, would be clubbed in income of parent, earning higher between mother and father.
Income of Minor Clubbed with his/her parents income (whichever having higher income)
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