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MAP Poonam   11 June 2021

Gift from huf - exempt?

is gift (100000)from huf to its member is taxable?

 12 Replies


Sourav (Student)     12 June 2021

From an income tax perspective, there is no restriction on giving gifts to members of the HUF and receiving interest-free loans from the HUF or the members of the HUF. Further, there should not be any tax implications in the hands of the HUF in providing gifts to individual members. So it is not taxable
1 Like
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     12 June 2021

Such gifts are exempt from income tax.

1 Like
MAP Poonam

MAP Poonam   12 June 2021

Thank you for reply

Sourav (Student)     13 June 2021

Your welcome
MAP Poonam

MAP Poonam   13 June 2021

M I required to show this gift in return?

SUSHANT BIDAYE   13 June 2021

Does section 56 of the IT act not apply to it ?
Jitendra Mehta

Jitendra Mehta   14 June 2021

What is the simple procedure to download 26AS in new portal?
debora M

debora M (BUSINESS DEVELOPMENT MANAGER)     14 June 2021

If the aggregate value of monetary gift received during the year by an individual or HUF exceeds Rs. 50,000 and the gifts are not covered under the exceptions discussed in earlier part, then gifts whether received from India or abroad will be charged to tax.

Sivaramaraju G

Sivaramaraju G (Learner)     14 June 2021

HUF and It's members are relatives to each other and hence gifted by HUF to it's members is not taxable irrespective of amount.

Sivaramaraju G

Sivaramaraju G (Learner)     14 June 2021

@ Jitendra after logged in to new portal, you can see menu bar at the top and in that go to e-file - income tax returns - view form 26AS. it will be redirected to TRACES.

Hari Kishore

Hari Kishore   08 July 2021

Can multiple gifts from multiple relative/s be for 50,000 in a year, thereby exceeding the total gifts to a HUF above 50,000, and can they gift for multiple years?


Sourav (Student)     24 July 2021

Gift upto 50000 rupees aggregate from all relatives are not taxable

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