GIFT RECEIVED
This query is : Resolved
13 October 2010
A Gift of 62000 recd. by a HUF from Mr.X(Karta Of HUF)on 10 april 2009 and another of 18000 from an relative of x on 30 sept.2009. whether huf is chargeble for gift recd. or not? Is Karta Of HUF is relative of HUF?
CA Sanat Pyne
(Expert)
13 October 2010
no it is not taxable.
13 October 2010
thank you for your kind reply sir. my doubt is, the relationship between HUF and it's member are "relative" as mentioned u/s 56(2) ?
CA Sanat Pyne
(Expert)
13 October 2010
as you have received Rs. 18000 from the realtive of x .It will not be taxable .Because maximum limit is Rs. 50000.
Huf do not have any relatives.
Huf do not have any relatives.
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