Income of a Minor

gift received from relatives is exempt u/s 56.so it will not be taxable either in the hands of parents or minor

gift received from non relative  originally taxable u/s 56 will be clubbed in the hands of  parents u/s64(1A).it will be clubbed in the hands of such parent whose income before including such gifted income is greater.however as per sec 10(32) standard deduction of 1500 can be claimed by parent in respect of each minors child clubbed income.the parent in whose hands such income is clubbed shd show such income under the head income from other sources.

agree with ronit

Gift received from relative is not taxable.

but the gift received from non-relative is taxable in the hands for parents..