gift income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 January 2010
what amount of gift income is exempted for minors other then recived from blood relationship
13 January 2010
If Minor is not receving from anyone of the followings, then it will be taxable(section 56):
1)From his parents
2)From any brother or sister of his father
3)From Parents of his Parents
4)From his Brother or Sister
5)Brothers or Sisters of his Grandparents
Therefore, it will be taxable amount. However, also keep in mind the concept of CLUBBING OF INCOME.
1)From his parents
2)From any brother or sister of his father
3)From Parents of his Parents
4)From his Brother or Sister
5)Brothers or Sisters of his Grandparents
Therefore, it will be taxable amount. However, also keep in mind the concept of CLUBBING OF INCOME.
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