i want to know that can HUF take gift from relative through cheque for say 10 lakh rupees . if yes than what will be tax consequences. Also pls explain who can be relative in relation to HUF.
suman (Auditor ) (388 Points)
06 July 2011i want to know that can HUF take gift from relative through cheque for say 10 lakh rupees . if yes than what will be tax consequences. Also pls explain who can be relative in relation to HUF.
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 06 July 2011
Directly sec 56 (2) will apply in ma opinion as its exceeding Rs 50,000 limit mentioned therin.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 06 July 2011
as HUF is not an individual but it should be treated as AOP for tax purpose, so there is NO RELATIVE for HUF, gifts above 50000 should be taxed as per slab.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 06 July 2011
Agree with mr sharma gift exemption for individual only
HASSAAN IQBAL GONDALWALA
(ARTICLE ASSISTANT)
(48 Points)
Replied 06 July 2011
IS EXEMPT ...
SINCE HUF IS A FAMILY ...
SO ITS A RELATIVE ONLY...
HENCE ITS EXEMPT...
Anvesh Desai
(Chartered Accountant)
(156 Points)
Replied 06 July 2011
Absolutely taxable....would attract Sec 56(2) directly and rules made there under...
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 07 July 2011
Gifts above Rs 50000 is taxable as per slab rate.
swati
(student ca final)
(87 Points)
Replied 07 July 2011
Ya ,It is taxable & sec- 56(2) ll be apply.................
swati
(student ca final)
(87 Points)
Replied 07 July 2011
Ya ,It is taxable & sec- 56(2) will be apply.................
Nilesh jain
(audit manager)
(30 Points)
Replied 21 July 2011
Whether a HUF can take loan from Karta and can further this loan be invested into Bank FDs.
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