Cash Gift to Minor

This query is : Resolved 

28 August 2024 Hi,
My daughter of 3 years (Minor) on her birthday has received cash gifts ranging from Rs. 2,100 to Rs. 5,100, totalling to approx. Rs. 29,000.
1. Can I deposit the same amount in her bank account tomorrow, means the day next to her birthday ?
2. Any proofs to maintain for the same or any document ?
3. Income Tax implication for the same ?
4. Any other thing to keep in mind ?

Thanks in Advance.

29 August 2024 1 yes.
2 Proof not required.
3 It will be included in your income and taxable.
4 No other things.

29 August 2024 Hello Sir,

Even if the amount is below 50K, i.e. 29,000 in this case, will it be taxable in hands of parent?


29 August 2024 Not taxable below 50k.

02 September 2024 Hello,

Is this cash gift need to be shown in parent's ITR, as due to being a minor and income of minor is being taxed in hands of parent?

03 September 2024 No need to show cash gift in ITR.
Income only has to be shown.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries