Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 September 2011
can huf give gift ?which section support it?
10 September 2011
HUF is separate taxable entity and hence the gift received from the HUF will not be treated as gift from Karta. The gift from HUF exceeding Rs. 50000- will be taxable in the hands of the recipient. There is no relationship in HUF - they are beneficiaries and co-parceners. Pl. refer sec. 56 of I.T.Act. 1961
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