18 April 2010
in whose hand cash gifts received by minor son/daughter beyond exemption limit be taxable??? e.g. X minor son of MR. A receives Rs.60000 cash gift from freind of Mr. A.Who will be taxable,Mr. A or X and wat is the taxable amnt????
18 April 2010
Re.60,000/- has to clubbed and assessed in the hands of Mr.A under section 64(1A). However Mr.A can claim exemption for Rs.1,500/- undersection 10(32) of the Income tax Act,1961.
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