Fampay taxation

[Quickshruti4688]

Q

Quickshruti4688
PARTICIPANT
March 27, 2025 at 5:42 am

I’m 16 and thinking of making a fampay account but my father says that it may affect his and my mother’s ITR filing. Is this true? Are there any exemptions ? Pls provide sources also

Share

[Rupalifox225]

R

Rupalifox225
PARTICIPANT
March 27, 2025 at 5:44 am

What is this for 

Share

[Coolknight3697]

C

Coolknight3697
PARTICIPANT
March 27, 2025 at 8:30 am

It’s basically an online wallet

Share

[Yogitadude401]

Y

Yogitadude401
PARTICIPANT
March 27, 2025 at 6:47 am

You are legally Minor, any money that you receive on account will be taxable to your parent. There is exemption of 1500 rupees, if your total amount received in a year is more than 1500 then rest of the amount is to be clubbed with Parents income and taxed as per the slab. You don’t need count money received from Parent and Siblings.

Read – IT Act, Section 10(32)

Share

[Quickshruti4688]

Q

Quickshruti4688
OP
March 27, 2025 at 6:49 am

Isn’t income upto 50000 via upi exempted from tax ? Is this applicable for only adults ?

Share

[Yogitadude401]

Y

Yogitadude401
PARTICIPANT
March 27, 2025 at 7:10 am

That limit is for individual transaction, if more than 50k is received via UPI it falls under tax radar. If it’s genuine income from sale or service then it needs to be declared in ITR. If someone owes you money, and return it then you no need to count it as income.

Share

[Quickshruti4688]

Q

Quickshruti4688
OP
March 27, 2025 at 7:12 am

So if I get 30k and spend it via upi then no tax has to be paid even if I’m a minor right ? And if it’s coming from a relative then no need to count it

Share

[Quickshruti4688]

Q

Quickshruti4688
OP
March 27, 2025 at 7:03 am

But if I spend the money which my relative sends to me then it’s not counted right ?

Share

[Yogitadude401]

Y

Yogitadude401
PARTICIPANT
March 27, 2025 at 7:16 am

Only if relative is Parent, Grandparent and Sibling.

Share

[Quickshruti4688]

Q

Quickshruti4688
OP
March 27, 2025 at 7:27 am

But it should be less than 50k right ?

Share

[Yogitadude401]

Y

Yogitadude401
PARTICIPANT
March 27, 2025 at 7:40 am

Nope, any amount received from them is tax exempt. However if you use that money to earn income then that will taxable.

Share

[Author]

Posts