20 August 2011
Gift given by an HUF to its members is taxable in the hands of the members in excess of Rs. 50000.00 as HUF is not come under the defination of relative.
As per Section 56(2), if an individual or HUF receives a sum of money or property without consideration, then it is chargeable to tax in the hands of receipents under the head "Income from Other Sources"
22 August 2011
Read section 10(2) carefully, it saya any sum receuved by an individual as a member of HUF, where such sum has been paid out of the INCOME of the Family, or in case of impartiable estate where such sum has been paid out of the INCOME of the Estate to the family
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