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Is gift given by grandfather to his grandson huf exempt?

This query is : Resolved 
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(Querist)
09 March 2013 Hello Friends;

A grandfather is having funds in the firm and is willing to give gift to his grandsons HUF.

Is such gift exempt?

plz guide me..
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 March 2013 Such gift is taxable as the Grand-father's HUF is not a member of the donee HUF.
.
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Prakash Kochar

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Prakash Kochar (Expert)
11 March 2013 Cash Gift up to Rs. 50000/- will not be taxable in the hands of HUF.
Gift to HUF by member attracts clubbing provisions u/s. 64, fore income earned from gift amount.
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