Hemali Shanghvi (Owner) (136 Points)
20 June 2011Hi,
My client's HUF has gifted his married daughter Rs. 3,50,000/- as gift. Is it taxable in the hands of the daughter? Earlier, he had done the same thing and in that year he had a scrutiny and no questions were raised on that by the IT officer.
Thanks in advance!!!
sukhpreet
(study)
(67 Points)
Replied 20 June 2011
It is not taxable in hands of duaghter bcoz it is frm a relative in any occassion(i.e. daughter or married daughter) ......
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 20 June 2011
married daughter is co-pancer of HUF still in books, so the amount is treated as payment to member.
CAclubindia
