Gift to huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 August 2018 I am karta of huf.can I and other members of huf firm give gift to huf in cash.what maximum amount amount of gift can be given in cash.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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12 August 2018 Gift received by HUF from its members are exempt under Section 56(2)(x). Definition of “relative” in case of a Hindu Undivided Family covers any member thereof. It does not include relatives of such member. Thus, gift received by HUF from relatives of members shall be taxable.

If you receive The aggregate value of such sum of money received during the year exceeds Rs. 50,000.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2018 Could not get by meaning exceeds 50000