GIFT RECEIVED FROM MEMBER OF HUF
This query is : Resolved
24 September 2009
DEAR SIR/ MADAM
AN ASSESSEE IS SATUS HUF HE IS PAID CASH GIFT TO HIS WIFE RS. 1,00,000 SHE IS ALSO AN INDIVIDUAL ASSESSEE SO WIFE IS LIBLE TO PAY I.T ON THIS GIFT AMOUNT OR IT IS FULLY EXEMPT.
PLEASE TELL
THANKS IN ADVANCE
AN ASSESSEE IS SATUS HUF HE IS PAID CASH GIFT TO HIS WIFE RS. 1,00,000 SHE IS ALSO AN INDIVIDUAL ASSESSEE SO WIFE IS LIBLE TO PAY I.T ON THIS GIFT AMOUNT OR IT IS FULLY EXEMPT.
PLEASE TELL
THANKS IN ADVANCE
Kapil Arora
(Expert)
24 September 2009
Any amount received from member ny HUF then it is not taxable though it is amount invested and capital buildup
Manmohan ACA, CS
(Expert)
24 September 2009
agree
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