Huf tax benefit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2015
Dear Sir,
Kindly guide me Tax benefit for HUF.
Any amount or Gift received from HUF Karta / Members to any HUF members is Taxable or Not ? Is there any limit?
kindly guide/suggest.
Thanks.
Kindly guide me Tax benefit for HUF.
Any amount or Gift received from HUF Karta / Members to any HUF members is Taxable or Not ? Is there any limit?
kindly guide/suggest.
Thanks.
11 May 2015
Relationship between HUF members from the point of view of gift implications need to be reckoned from the definition of the term 'relative' under section 56. If no such relationship exists than maximum limit is Rs. 50,000/-.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2015
Dear Sir,
Thanks a lot for valuable reply...
Further my query is that if my father give me a chq/cash more than Rs.50,000/- then what will be the tax effect.
Thanks a lot for valuable reply...
Further my query is that if my father give me a chq/cash more than Rs.50,000/- then what will be the tax effect.
11 May 2015
No tax effect since your father comes under relative and hence there are no tax implications for you as the gift from father is exempt.
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