Can a minor give gift to his parents? Will position be different if minor recevied gift from parents in past years & now minor want to return back that gift to his parents.
Deepak Kumar (Chartered Accoountant) (270 Points)
26 March 2013Can a minor give gift to his parents? Will position be different if minor recevied gift from parents in past years & now minor want to return back that gift to his parents.
Pawan Mittal
(CA Final)
(702 Points)
Replied 26 March 2013
Dear Deepak,
There is no restriction on minor as far as gift is concerned. But the point is the income arising out of such gift.
If a person gifts anything to his minor child than the income of such gift is chargeable in the hands of the parent.
Now, here minor can return the gift received from the parents. There will be no tax liability at all.
But here also the income arising from such gift shall be taxable in the hands of the parent.
SHAHNH
(Professional)
(162 Points)
Replied 19 August 2023
Can a minor child gift shares to the parents.
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