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Gift to my daughters from my cousin
my cousin(my brother's son) wants to give to my daughter 1 lac as gift is it taxable or not from my tax point of view for the financial year 2022-23 pl give suggestion
Replies (1)
In the present case, your daughter is the assessee. If she receives the money from your brother i.e. her uncle...it will be exempt.
If she receives the money from your brother's son i.e. her cousin...it will be taxable as it is not a relative as per sec 56 and the amount is more than Rs. 50000.
If your daughter is a minor, then the income will be clubbed in your income in either of the above situations.
If she receives the money from your brother's son i.e. her cousin...it will be taxable as it is not a relative as per sec 56 and the amount is more than Rs. 50000.
If your daughter is a minor, then the income will be clubbed in your income in either of the above situations.
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