Tax on gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2012
Pls guide
1]My Minor son received gift of rs.45000 on his birthday from different guest.
will the amount be clubbed in my income?
2]if my two minor sons received gift of rs 45000 each on thier birth day, will the income be clubbed in my income?
pls answer in details
please guide. i could not find satisfactory ans yet.
1]My Minor son received gift of rs.45000 on his birthday from different guest.
will the amount be clubbed in my income?
2]if my two minor sons received gift of rs 45000 each on thier birth day, will the income be clubbed in my income?
pls answer in details
please guide. i could not find satisfactory ans yet.
31 July 2012
According to sec 56(2), if aggregate sum of money received by individual or HUF does not exceed Rs. 50000, then it is exempt, so amouns received by your sons on birthday party shall not be clubbed with your income cz it is not taxable in your minor hand.
The logic is if it is not taxable in individual/ HUF's hand, then it will not taxable in minor's hand, and therefore clubbing provisions are not applicable.
Hope your query is resolved.
The logic is if it is not taxable in individual/ HUF's hand, then it will not taxable in minor's hand, and therefore clubbing provisions are not applicable.
Hope your query is resolved.
Guest
Guest
(Expert)
31 July 2012
Clubbing provisions are not attracted. Agree with the expert.
31 July 2012
Ni it wont get clubbed as per the provisions of Section 56
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
