Such gifts are exempt from income tax.
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?
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