When you give gift to your child is it exempt from your tax

Forums General Discussion When you give gift to your child is it exempt from your tax

When you give gift to your child is it exempt from your tax

If I give gift to my children out of effection is it exempt from my income

Profile photo of vanjanidilipgmail-com-79115540 Asked By: vanjanidilipgmail-com-79115540 1 replies 1 helpful answers Last Updated: 6 months, 1 week ago
  • If I give gift to my children out of effection is it exempt from my income

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Any gift by you to your children is not taxable in either of your hands. But if the child is minor (less than 18 years age) then any income generated out of such gift will  be clubbed with the income of the parent who has higher taxable income.

You must be signed in to reply to this question.