Gift Tax Applicability
This query is : Resolved
06 October 2009
Hi,
My aunty received gift cheque from her son in $ is it taxable, what is the limit of amount non-taxable for gift from NRI in $?
Whether there is any tax liability on the amount of share received by the HUF benificieries after all the payment of Taxes applicable to the HUF?
Thanks.
My aunty received gift cheque from her son in $ is it taxable, what is the limit of amount non-taxable for gift from NRI in $?
Whether there is any tax liability on the amount of share received by the HUF benificieries after all the payment of Taxes applicable to the HUF?
Thanks.
06 October 2009
AS PER SECTION 56(1) OF INCOME TAX ACT, GIFT RECEIVED IN CASH/ CHEQUE FOR MORETHAN RS 50000.00 IN A FINANCIAL YEAR IS TAXABLE IN HAND OF RECEPIENTS AS OTHER SOURCE INCOME.BUT RELATIVE ARE EXEMPTED FROM THIS TAX NET.
AS PER INCOMETAX ACT, ALL THE PAYMENTS MADE BY THE HUF TO THERE MEMBERS IS DISALLOWED TO HUF,EXCEPT THE RESONABLE PAYMENYS MADE BY THE HUF TO ANY MEMBER FOR PROVIDING THE PROFESSIONAL SERVICES WITHOUT WHICH BUSINESS OF THE HUF CANNOT BE DONE,IS ALLOWED. HENCE AS ALL PAYMENTS MADE BY THE HUF TO MEMBERS IS DISALLOWED IN HAND OF HUF ,,,IT WILL BE EXEMPTED IN HAND OF MEMBERS
AS PER INCOMETAX ACT, ALL THE PAYMENTS MADE BY THE HUF TO THERE MEMBERS IS DISALLOWED TO HUF,EXCEPT THE RESONABLE PAYMENYS MADE BY THE HUF TO ANY MEMBER FOR PROVIDING THE PROFESSIONAL SERVICES WITHOUT WHICH BUSINESS OF THE HUF CANNOT BE DONE,IS ALLOWED. HENCE AS ALL PAYMENTS MADE BY THE HUF TO MEMBERS IS DISALLOWED IN HAND OF HUF ,,,IT WILL BE EXEMPTED IN HAND OF MEMBERS
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