Guys and Girls,
Sorry for the delay in updates.. The last questin was pretty easy (everyone ought to know).. The answer was given by Eshwar only which was correct.. I think asking questions daily seems a bit too much.. So we can ask it once a week as this gives an opportunity for those who donot have frequent access to net..
Now, back to business..
If a minor unmarried daughter receives Gift for her birthday from one of her relatives, say Rs. 5,000, will it be exempt as gift received is below Rs. 50,000 (or) since it is clubbed in the hands of the parent, will it be taxable after giving deduction of Rs. 1,500?
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hmmmmmmmmmmmmmm.. according to Sec 64( ) (fill it up da) the income of the minor i.e., in the present case the B day gift will be clubbed in the hands of the Parent and a deduction of Rs 1,500 will given... but i think there is surely some hidden twist in the question.. it cant be so simple.... waiting eagerly for the answer da..:)
ReplyDeletemine too ditto ditto lalit... but wait is.. going home. referring .wil be back tom with some conclusion.
ReplyDelete-sarayu