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Taxability of gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 July 2013 Gift given by one HUF in the form of LIC and also in the form of cash to another HUF whether taxable under income tax Act 1961
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 July 2013 HUF can receive tax free gift from its members only. Since the donor HUF in this case is not a relative of the assessee HUF, it will be taxable.
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
12 July 2013 it would be taxable if the value of gidt is more han rupees 50000
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