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Tax treatment for a.y 21-22
cash received on born of child is it taxable or not?
Replies (7)
Quick Summary
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.
if it is from non-relative then up to 50k not taxable if it exceeds 50k then whole amount will be taxable.
Agree with above
If it get taxable then the gift of child will be clubbed with income of parents.
I think gift will be given to parents directly because child is new born baby.
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.
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.
Agree with above
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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