Gift received from a huf to an individual

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2013 1. whether a gift received from a HUF to an individual in which his grand father is a karta is exempt from tax?
2. whether a gift received from a HUF to an individual in which his uncle is a karta is exempt from tax?

CA Parul Saxena

CA Parul Saxena (Expert)
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21 February 2013 In both the cases gift is taxable...

Anand

Anand (Expert)
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21 February 2013 HUF is not included in the definition of relative and therefore i am also of the view that such gifts will be taxable if they exceed Rs. 50,000/-
However, if the gift is received on ocassion of his marriage it will be exempt in his hands.

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CA Parul Saxena

CA Parul Saxena (Expert)
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21 February 2013 Yes exactly.....although gift from grandfather could have been exempted but as he has gifted not in his individual capacity but as a karta of HUF so it is taxable. HUF doesn't come under definition of relative.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 February 2013 thanks for reply

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