gift recd by HUF
This query is : Resolved
01 January 2009
I have created a HUF consisting of myself, my husband and my two sons. My mother in law want to gift Rs. two lacs to the HUF. I want to know whether this gifted amt is taxable in the hands of HUF or is it tax free and if taxable then what amt Rs. two lacs or rs. 1.75 lacs will be taxable. Further, If taxable whether deduction under section 80C will be available.
01 January 2009
Gift in the instant case is tax free. Therefore question of 80C does not arise.
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