Whether amounts received by HUF as gift in excess of Rs. 50,000/- from its Karta or Members will be taxable within the meaning of section 56 (1) (vi) of the I T Act, 1961 and vice versa?
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Gift recd. from HUF by a member
Replies (4)
yes it will be taxable in the defination of relative HUF is not covered
Gifts exceeding Rs. 50000 will be taxable in the hands of H.U.F. The provisions related with exemption (occasion of marriage/relative) are applicable only in the case of individual.
it will be taxable as definition of relative doesnot cover karta of huf
Yes it will be taxable.
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