17 October 2007
My two year old kid collects say Rs 30,000/annum as 'shaguns' on miscellaneous family functions *what will be the best way to reveal it in IT return. *Being minor, is she eligible to file IT return. *In which way the parent can best manage this amount to avoid tax.
17 October 2007
The entire Rs.30,000/- will be exempt from taxation. But for computation purpose the gift income can be clubbed either of indiviual or Spouse income.
The gift received from relatives it is not taxable irrespective of the amount.
The gift received from outsiders more than Rs.50,000/- it is taxable.
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