Hi frndzz
I hve a query regrding the clubbing provisions u/s 60and treatment of Gifts taxable u/s 56. Upto what limit is the Cash gifts not taxable hence not clubbed in the income of parent.
Is the deduction u/s 10(32) of Rs. 1500 available in case of gifts also
Kindly revert back soon
thanks in advance
Umesh Maurya
thnks
But i want to know whether Deduction of Rs. 1500 availabe???
and wat abt gifts in kind??
deduction of Rs. 1,500/- is available.
| Originally posted by : Ashish | ||
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See section 2(56) (VII): Gift in kind above Rs 50000 in value is taxable. Below it is not taxable. If Income is NOT included in Income then their is NO question of claiming deduction. |
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deduction of Rs. 1,500/- is available. |
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If Cash gift above Rs 50,000/- during the F.Y is taxable and clubbed in Income of Parents.
-----Deduction of Rs. 1,500/- is available.
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