INcome Tax query
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Can huf received gift from relative. it is taxable or not
Replies (7)
Clear answer is there in sec 56 of incometax act.... Please refer....
Gift received from relative is exempt
Yes, huf can receive gift from relatives.
However, the same shall be exempted.
As per section 56 of incomee tax act 1961,any sum of money or any property recieved by Individual or HUF from relatives is exempt from income tax in the hands of reciever.Hope trhe doubt is cleared.
If gift recieved from other than relative then .....and in which income tax act will applicable for this?????
thanks to all......
i hve deduct 1% tds on contractor in spite of 2% in jan17.....tds return also file for the same....how it could be correct now....plz advise
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