Tax liability
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2018
1. Is The Gift/Money Received By HUF From Its Member Taxable In Hands Of HUF ? Is There Any Monetary Limit ?
2. Is The Gift/Money Received By Member From HUF Taxable In Hands Of That Individual Assesse ? Is There Any Monetary Limit ?
2. Is The Gift/Money Received By Member From HUF Taxable In Hands Of That Individual Assesse ? Is There Any Monetary Limit ?
CA SUNIL K GARG
(Expert)
19 April 2018
gift recd by HUF form its memeber is not taxable u/s 56 (2)
however gift recd by member from HUF is not directly exempt u/s 56 (2) , but in various decision of court , HUF has been taken as group of relative
but pls take care that clubbing provision u/s 64 will be applicable
however gift recd by member from HUF is not directly exempt u/s 56 (2) , but in various decision of court , HUF has been taken as group of relative
but pls take care that clubbing provision u/s 64 will be applicable
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