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Gift received by HUF
Gift received by HUF from a relative is taxable in the hands of HUF or individual. Is there any clubbing provisions are applicable?
Replies (1)
Gift received by HUF from its members are exempt under Section 56(2)(x). Definition of “relative” in case of a Hindu Undivided Family covers any member of that HUF. It does not include relatives of such member. Thus, gift received by HUF from relatives of members shall be taxable.
So, If HUF received gift from its members than exempt.
So, If HUF received gift from its members than exempt.
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