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Cash gift for HUF

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 November 2009 Can any HUF or Karta of that HUF receive cash gift on behalf of that HUF from any one or relative ? If so, what is the maximum limit without any tax implication ?

pls help
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Sunil

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Sunil (Expert)
09 November 2009 HUF is not a relative of Karta or the Co parceners. Similarly the Co Parceners or Karta are not the relatives of the HUF. Therefore the aggregate of Rs.50,000 is only exempt. If it is exceeded, all the gift is taxable.
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Guest

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Guest (Expert)
10 November 2009 I Agree with sunil.

As Definition of relative is silent regarding HUF.
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