hi, 1st i would like to wish all the member of this forum very very happy new financial year.
and could u please tell me what is the new in this budget related to income on minor,s if i gift RS 500000/- to my son today
and if he earn interest on this amount whether this interest will be taxable in my hand or it will be taxable on my son hand who is 5 years old
Gift to minor child not taxable. Secondly interest earn by him will be taxable in your hand as his income will be clubbed with your income. So, Interest will be clubbed in your income
I Too agree with the answer of Kirti S. Ganatra
Of course, the income of minor, when clubbed in the hands of parents is exempt upto Rs.1,500/- each child -- see sec 10 (32) as well as 64
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