Taxability of gift
This query is : Resolved
20 August 2011
Is Gift given by an HUF to its members taxable in the hands of the members ? Or is it exempt as received by relative?
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"
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"
20 August 2011
Can i consider this amount of gift under Section 10(2) to be exempt?
20 August 2011
Can the member Receiving such gift from HUF claim exemption under Section 10(2)?
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
Hence gift cannot be considered in this section
Hence gift cannot be considered in this section
22 August 2011
Thank you very much CA Rajeev.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- GST not cancelled by tenant
- Condonation . E-Verification of last year return .
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
