Related to gift

Hello,
Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts. (Father, Grandfather & Aunty are covered under relative definition, Gift received by daughter will not be taxable.)

Interest on FD will be taxable in daughter’s hand in case no-2(Gift received from Grandfather) & case no-3(Gift received from Aunty).Assuming daughter is major.

In case no-01(Gift received from Father), If daughter is minor then interest income will be taxable in Father’s hand. If not then taxable in daughter’s hand.

Hello,

Income of a minor is taxable in the hands of the parent whose total income is higher (before including the minor’s income). If the parents are divorced it is clubbed with the person who is maintaining the child.

When your minor child’s income is clubbed to your income – exemption is available up to Rs 1500 for each such minor child. Which means if clubbed income is more than Rs 1500, Rs 1500 is the maximum exemption, however if clubbed income is say Rs 800 (less than Rs 1500) exemption is limited up to such lesser amount, Rs 800 in this case.

Therefore interest income will be taxable in the hand of parent whose total income is higher ….