Gift received by HUF from Members

Anushree (student ) (37 Points)

04 August 2018

Is gift received by HUF from its members chargeable to tax (Amount exceeding Rs.50000)

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4 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law) (4429 Points)
Replied 04 August 2018

If amount exceeds 50k then taxable.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195722 Points)
Replied 04 August 2018

As per Explanation given under section 56(2) (vii) & (x)...for the purposes of these clause,—

(e) "relative" means,—

(i) in case of an individual—

(A) spouse of the individual;

(B) brother or sister of the individual;

(D) brother or sister of either of the parents of the individual;

(E) any lineal ascendant or descendant of the individual;

(F) any lineal ascendant or descendant of the spouse of the individual;

(G) spouse of the person referred to in items (B) to (F); and

(ii) in case of a Hindu undivided family, any member thereof;

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Kamal Verma (Financial advisor) (589 Points)
Replied 04 August 2018

great

Originally posted by : Dhirajlal Rambhia
	As per Explanation given under section 56(2) (vii) & (x)...for the purposes of these clause,— (e) "relative" means,— (i) in case of an individual— (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal ascendant or descendant of the spouse of the individual; (G) spouse of the person referred to in items (B) to (F); and (ii) in case of a Hindu undivided family, any member thereof;