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 | ||
 |
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. |
 |
|
deduction of Rs. 1,500/- is available. |
||
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.
Awesome Post. We have a lot of details On Baby Diaper talk.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CAclubindia
