Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Gift to huf

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

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)

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.

Message likes : 2 times

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2018 Could not get by meaning exceeds 50000

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

12 August 2018 If you receive 50000/-or more from members or coparcener gift in cash is taxable.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now