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 ?
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Gft exemption query
Replies (7)
1 Relatives means
- Spouse of Individual
- Brother & Sister of Individual
- Brother & Sister of Spouse of Individual
- Brother & Sister of either of the parents of Individual
- Any Lineal ascendants or descendants of the individual
-Any Lineal ascendants or descendants of the spouse of the individual.
Kindly Reply with My Query
as the provision is little uncomfortable for me to Understand
Hello,
I think in Case 1 : It will be taxable.
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.
If it is clubbed in parent's income that parent does not fall into relative clarify?
Sorry, I didn't understand what you said.
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.
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