| Originally posted by : Naresh Patel | ||
 |
As Per Section 56(2)(vii), if any gift received in any form( in case of movable property then its fair value to be considered, for immovable property its stamp duty value and for cash its value in cash shall be taken) will be taxed in the hands of recepient, if it exceed Rs. 50,000/- . But in case of minor, gift has been received by him/her shall be chargeable in the hands of the parent whose income higher before clubbing of minor's income as contemplated by sec.64(1A), except exempted circumstances given u/s. 56(2)(vii). |
 |
yes, the same will be applicable...
CAclubindia
