GIFT RECEIVED BY HUF FROM MEMBER OF HUF
This query is : Resolved
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.
09 February 2008
If the donor falls within the meaning of relative as per the explanation to proviso u/s 56(2)(v), yes
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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