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.
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Gift received by HUF from relative
Replies (10)
Directly sec 56 (2) will apply in ma opinion as its exceeding Rs 50,000 limit mentioned therin.
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.
Agree with mr sharma gift exemption for individual only
agree with mr. sharma
IS EXEMPT ...
SINCE HUF IS A FAMILY ...
SO ITS A RELATIVE ONLY...
HENCE ITS EXEMPT...
Absolutely taxable....would attract Sec 56(2) directly and rules made there under...
Gifts above Rs 50000 is taxable as per slab rate.
Ya ,It is taxable & sec- 56(2) ll be apply.................
Ya ,It is taxable & sec- 56(2) will be apply.................
Whether a HUF can take loan from Karta and can further this loan be invested into Bank FDs.
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