GIFTS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2011
I have received a gift from non relative during F.Y. 10-11 amounting to Rs. 25000/-
I have a minor daughter and a minor son who's income is also clubbed in my income.
They both have also received Rs. 21000/- each as gift from non relative on their Birthday.
Hence total gift received by me and my minor children in F.Y. 10-11 is Rs. 67,000/-
My query is whether these gifts will be taxable in my hand or limit of Rs. 50000/- will be available to each one of us??
I have a minor daughter and a minor son who's income is also clubbed in my income.
They both have also received Rs. 21000/- each as gift from non relative on their Birthday.
Hence total gift received by me and my minor children in F.Y. 10-11 is Rs. 67,000/-
My query is whether these gifts will be taxable in my hand or limit of Rs. 50000/- will be available to each one of us??
08 March 2011
Limit of Rs. 50000/- will be available to each one of u
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2011
May I know the basis on which you have given your opinion sir.
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