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
CAclubindia
