Gift to daughter's children

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PROPRIETOR
552 Points Posted on 06 October 2020
Gift to daughter's children are exempted gift as a received from relative or not.Please clarify the position
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On 06 October 2020 at 12:01 Report
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This discussion clarifies the tax implications of gifts made to grandchildren. Gifts from grandparents to their grandchildren are generally considered exempt from tax as they are received from a relative. However, any income generated from investments made with these gifted funds will be subject to income tax and clubbed with the parents' income.

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133 Points Posted on 06 October 2020
For grandson his grandfather/grandmother is a relative so it is not taxable in the hands of grandson.However if the gift received is further invested somewhere then the income arising from that investment will be clubbed in the hands of parents.
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On 06 October 2020 at 12:16
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PROPRIETOR
552 Points Posted on 07 October 2020
Please clarify the position , if gift to daughter's daughter - Exempted or not
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On 07 October 2020 at 10:37
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133 Points Posted on 08 October 2020
It' s exempt
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On 08 October 2020 at 11:51

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