gift received by huf
This query is : Resolved
12 April 2009
HUF IS CREATED BY GIFT RECEIVES FROM MOTHER OF RS 5.00 LACS OUT OF NATURAL LOVE AND AFFECTION IS THE SAME COVERED UNDER SECTION 56. WHEN THE GIFT IS MADE BY MOTHER TO HIS SON, DAUGHTHER IN LAW GRAND SON ETC AS A JOINT PROPERTY IS THE SAME BE SAID TO BE RECEIVED FROM RELATIVE AND BE EXEMPT?
CA Nitin Wadhwani
(Expert)
12 April 2009
It will be taxable since there is concept such as relative of a HUF.
And gifts from non-relative are exempt upto 50,000/- in a year.
And gifts from non-relative are exempt upto 50,000/- in a year.
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