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GIFT RECEIVED BY HUF FROM MEMBER OF HUF

This query is : Resolved 
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(Querist)
08 February 2008 WHEN A HUF ASSESSEE HAS RECEIVED A SUM EXCEEDING RS.100000.00 AS GIFT FROM ONE OF ITS MEMBER WHETHER IT WILL BE TREATED AS INCOME U/S 56(1)(V) OR IT WILL BE EXEMPT BEING SUM RECEIVED FROM ANY RELATIVE.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
09 February 2008 If the donor falls within the meaning of relative as per the explanation to proviso u/s 56(2)(v), yes
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CA. Dashrath Maheshwari

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CA. Dashrath Maheshwari (Expert)
09 February 2008 Member is not a relative and the donor should not be the member of your HUF so save the taxation.
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