10 September 2008
author : gaurav gupta Posted On : 9/10/2008 1:44:48 PM cash gifts received by minor from his fans(who is a singer) will be taxed in the hands of his parents or no clubbing will be done?
Answer:
No Clubbing Will Be Done Since It Is Received On Exercise Of His Personal Skill. Also The Income Derived From Such Activity Will Be Assessable In The Hands of Minor Only.
11 September 2008
It has to club in the hands of parents whos income is higher, because section 56 has not clarified about gift received by using special skill.
11 September 2008
Why It Will Be Clubbed. Sec.56 Talks About Taxability Of Gifts Not About Clubbing. It is Certainly Taxable In Excess Of 50000/- but not in the hands of parents but in the hands of that child only.
CAclubindia
