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gift received by huf

This query is : Resolved 
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(Querist)
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?
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CA Nitin Wadhwani

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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.
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