taxability of gift received by HUF from individual or vice v

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This query is : Resolved

CA Priyanka Jain (Querist)

01 January 2009 Sir, I have a case in which an individual is givin a gifts to its HUF For example Mr X wants to gift around 2 lacs to its X & sons (HUF) so is it taxable or if vice versa happens is it taxable in hands of individual

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

01 January 2009 gift is exempted if it is received from relatives in your case it is received from HUF there is no relation from huf to individual so it is taxable u/s 56(2)(VI) if there is no income of huf in this year so it is taxable & income is calculated as per income tax act & tax is to be paid

Jairam

Jairam (Expert)

02 January 2009 Gift gets taxed only of it is given in cash/cheque and where the sum exceeds Rs 50,000.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

07 November 2021 Gift received by son from father will not be taxable, but if received by Son's HUF, it will be taxable.
In reverse case, same is applicable.

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