me and my wife both are taxpayers.
I have two daughters.
Now, if each of my daughters receive, 50,000/- cash gifts from their grandfather.
will it be taxable, as I am already a taxpayer and their income will be clubbed with me.. or not.
what amount of cash gifts received by them will not be taxable??
if I deposit that amount in Bank in minor bank account, will that be taxable??
if from those cash gifts, i purchase long term bonds in their name, will that be taxable??
if I receive bonds or gold bonds as a gift in their name, will that be taxable??
please guide
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Gifts received by minor
Replies (4)
Sec 56(x) broadly classifies them.
let's explain in detail:
1. daughter receiving cash gifts from grandfather
they are exempted .
Sec 64 applies here too.
let's explain in detail:
1. daughter receiving cash gifts from grandfather
they are exempted .
Sec 64 applies here too.
It will not taxable as per sec 56 and when you purchase anything from it , also will not taxable but for bonds are subjected to Capital Gain
But if you hv inherited any capital asset from any blood relation it is not taxable.
In case you have sold it to derive income it's transfer of capital asset , capital gain arises.
In case you have sold it to derive income it's transfer of capital asset , capital gain arises.
Your all transactions as enumerated by you are not taxable at the time of getting gift from grandfather.
Income of investment is taxable as per provisions of Income tax Act.
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