Cash gifts on birth of new born baby

Umesh Maurya (CA_House) (40 Points)

09 January 2013  

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