Gift from huf - exempt?

is gift (100000)from huf to its member is taxable?
Replies (12)
Quick Summary
This discussion clarifies whether gifts from a Hindu Undivided Family (HUF) to its members are subject to income tax. Generally, gifts from an HUF to its individual members are not considered taxable, as they are treated as relatives. However, if an individual or HUF receives aggregate monetary gifts exceeding £50,000 in a year from non-relatives, these may be taxable under Section 56 of the Income Tax Act, unless specific exceptions apply.

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

Such gifts are exempt from income tax.

Thank you for reply
Your welcome
M I required to show this gift in return?
Does section 56 of the IT act not apply to it ?
What is the simple procedure to download 26AS in new portal?

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.

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.

@ 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.

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?

Gift upto 50000 rupees aggregate from all relatives are not taxable

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