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Tax treatment for a.y 21-22

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47 Points Joined August 2019
cash received on born of child is it taxable or not?
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On 21 May 2021 at 18:27 Report
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Learner
2398 Points Joined May 2019
If it is from relative then it won't be taxable irrespective of gift amount.
if it is from non-relative then up to 50k not taxable if it exceeds 50k then whole amount will be taxable.
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On 21 May 2021 at 18:44
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Chartered Accountant
24588 Points Joined November 2019
Agree with above
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On 21 May 2021 at 19:25
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tax consultant
3306 Points Joined October 2018
If it get taxable then the gift of child will be clubbed with income of parents.
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On 21 May 2021 at 19:39
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Learner
2398 Points Joined May 2019

I think gift will be given to parents directly because child is new born baby.

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On 21 May 2021 at 19:51
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tax consultant
3306 Points Joined October 2018
But the very basic idea behind the gift was the event of birth.
and people generally mean to give gift to the child but its actually handed to the parents.
in case on non-monetary gifts, relatives bring gold bangles or gold chain for the kid and not for the parents.
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On 21 May 2021 at 21:04
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Chartered Accountant
24588 Points Joined November 2019
Agree with above
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On 30 May 2021 at 10:09
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2742 Points Joined October 2018
Gifts in cash up to Rs 50,000 in a financial year are exempt from tax. However if you receive gifts higher than this amount, the entire gift becomes taxable.
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On 30 May 2021 at 10:17

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