GIFT RECEIVED

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Madhuresh (Querist)
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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

CA Sanat Pyne (Expert)
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13 October 2010 no it is not taxable.

Madhuresh

Madhuresh (Querist)
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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

CA Sanat Pyne (Expert)
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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.

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