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50000 cash gift recived by minor child how it would be taxed

Krishna seva das (TAX CONSULTANT) (1070 Points)

21 November 2018

IF ANY MINOR RECEIVED 50000 CASH GIFT RECIVED IN ANY FININCIAL YEAR

HOW IT WOULD BE TAXED AND HOW CAN ANY ONE PLAN TAX ACCORDINGLY

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Mayur Patil (Article) (1276 Points)
Replied 21 November 2018

Sec 64(1A) it considered as minor's income which clubbed with parent's (here parent means mother or father who have higher income) income.

Sec 10(32) parent (mother or father in which minor's income clubbed) can get deduction max. 1500 p.a.

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Nitesh bind (Student CA Final ) (12692 Points)
Replied 22 November 2018

Agree with Mr. Mayur Patil. But one more thing I would like to add on that if the child is getting any sum because of his/her:

*Manual work
*Special talent or knowledge etc; or
*Child is of 80U category (ie. Specially abled)

Then this amount would be taxable in Minor's own hand.

e.g Any Child wins prize in "KBC" or "Dance India Dance" etc then that would be taxable in his/her hand.

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