gift income
This query is : Resolved
Ruchi Gupta
(Querist)
25 July 2008
If a HUF gives the gift to Karta; will that gift income be exempt from tax for karta in his individual capacity. i.e can we treat gift from huf to karta as gift to a relative for income tax purose.
25 July 2008
HUF and KURTA does not fall in the definition of Relatives so if HUF make a Gift above Rs 50000 to karta i.e. (person other than relative) is TAXABLE as "Income from other sources " under Section 56(2)(v) of the I T Act.
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