In case HUF receives Gift from Father
This query is : Resolved
30 January 2009
I have formed a HUF and have received a gift of Rs2.Lac from my father, now what will be my tax consequences for such gift in my file.. My father is not member of HUF.
30 January 2009
If huf receives gift from any person upto 50000 it is exempt. Balance 1.50 Lakhs is taxable.
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