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Gift received by minor from relative
if a minor received a gift from relative then is that gift received is taxable in hands of parents under section 64 clubbing provision , even when gift received from relative exempt under section 56 (2)
Replies (1)
Since gift received from relative is exempt u/s 56(2) in thr hands of receiver , it is not taxable in the hands of parents u/s 64 (clubbing of income)
the logic being its clearly stated u/s 56 that gift from relative is exempt and one section cannot override other section
the logic being its clearly stated u/s 56 that gift from relative is exempt and one section cannot override other section
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