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Gift from huf - exempt?

MAP Poonam (14 Points)

11 June 2021

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

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12 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 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

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CMA Poornima Madhava (CMA) (13112 Points)
Replied 12 June 2021

Such gifts are exempt from income tax.

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MAP Poonam (14 Points)
Replied 12 June 2021

Thank you for reply

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 13 June 2021

Your welcome

MAP Poonam (14 Points)
Replied 13 June 2021

M I required to show this gift in return?

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SUSHANT BIDAYE (599 Points)
Replied 13 June 2021

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

Jitendra Mehta (13 Points)
Replied 14 June 2021

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

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 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 (Learner) (2398 Points)
Replied 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 (Learner) (2398 Points)
Replied 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.

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Hari Kishore (22 Points)
Replied 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?