Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 July 2015 sir
my client is a audit case(Professional) , he has SON after long Years at the 48 year of marriage, my client sister son and Daughter is in USA both are docoter in USA, they trf amount to my client son Account 50000/ PM. it is taxable for my client. or send me how to Exempt from tax

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
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07 July 2015 The son is getting the gift from his cousin. Cousins are not covered by the meaning of the term 'related person' and hence the amount received will be taxable as gift from unrelated persons. The income will be taxed in the hands of your client as his son is a minor. It will be taxable under the head 'Income from Other Sources'. He can get an exemption of just Rs.1,500 (for the year) for a minor child.