gift received by HUF
This query is : Resolved
05 January 2009
A HUF consists of a person, his wife and two sons. Father of the karta makes a gift of Rs. 2 lacs to the HUF by way of an account payee cheque. The gift recd by a HUF from the parents of the karta are taxable under the head Income from other sources. I want to know if the gift is recd in two parts i.e. on one day Rs. 50000/- and after some days Rs. 150000/- from the same person or different person then the taxable amount will be Rs. 2 lacs or a deduction or Rs. 50000 will be available.
Please guide me.
It is urgent.
Thanx
Please guide me.
It is urgent.
Thanx
05 January 2009
As per section 56(2)(vi) if the value of gifts exceeds Rs.50,000/- then the whole of the aggregate value of such sum will be chargeable to income tax in the hands of the receipent.No exemption of Rs.50,000/- will be available in such cases.
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