Hi
I am a member of huf. I had withdrawn 9 lakhs cash from our huf bank account.and taken as gift. I had deposited in my personal bank account for some loan payment. I would like to know if any tax is chargeable for the gift I had taken.
V Venkat Kiran (37 Points)
03 June 2016Hi
I am a member of huf. I had withdrawn 9 lakhs cash from our huf bank account.and taken as gift. I had deposited in my personal bank account for some loan payment. I would like to know if any tax is chargeable for the gift I had taken.
Ashok kumar
(CA Final)
(587 Points)
Replied 03 June 2016
Gift Tax will applicable, since the gift from relative is not taxable but this is received from HUF
V Venkat Kiran
(37 Points)
Replied 03 June 2016
Thank you sir. How much will be the tax I need to pay
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