1. Whether Gift to Daughter's Son's Wife Exempted or Taxable?
2. Whether Gift to Daughter's Son's Son who is minor Exempted or Taxable ?
NAVIN AGICHA
(HELPING HAND)
(1313 Points)
Replied 20 April 2015
Sanjay
(Properitor)
(34 Points)
Replied 20 April 2015
Kindly Reply with My Query
as the provision is little uncomfortable for me to Understand
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 20 April 2015
Hello,
I think in Case 1 : It will be taxable.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 20 April 2015
In case 2 : also taxable
Any Income that accrues or is paid to a minor is clubbed with the Income of the parent under section 64(1A). ‘Clubbing’ means such Income gets added to the parent’s income and is taxed just like it is the Parent’s own income.
Sanjay
(Properitor)
(34 Points)
Replied 21 April 2015
If it is clubbed in parent's income that parent does not fall into relative clarify?
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 21 April 2015
Sorry, I didn't understand what you said.
Sanjay
(Properitor)
(34 Points)
Replied 21 April 2015
Whether The Daughter's Son will fall under Relative.
If yes, then The Gift to MINOR who is Daughter's son's son will be clubbed in Daughter's son and may not be taxable.
ANYONE ELSE WHO CAN REPLY WITH CLARITY. I wanted correct answer.