Gift to individual or huf

get the  amt rs40000 through cash   and do not show the on books of account n bank accounts

HUF can get the gift by cheque as your amout is Rs.40,000/-

your HUFliability is to be in AY 2016-17...so please wait as so many amendments the fiance ministry might move as none can predit now as finance minister himself is not sure as every thing is dicey with government too.

 

never take cash as cash more the fixed minimum cannot be invested as finance Act already warnedthat all transactions need be by cheques only.

 

gifts fall under sec 47(1) and (iii) of the incometax Act 1961...

 

consult a CA at appropriate time before filing HUF ROI!

gift amount is not taxable income as the gifts are not earned.

Yes you can take the gift amount but only by cheque. As an individual & Huf can receive gift but not more than 50000 in a Fy and the amount is not taxable. So u can use it for your investment purposes as you a member of Huf.

Yes you can recive gift in terms money but it's less than 50000. In case you recive 50001 the whole amount I.e 50000 will be taxable as sec56 (2)

Dear Nishpat, Section 56 relates to other sources of income taxable in hands of the assessee. Gifts received up to rs.50000/- per year are exempt. Exceptions to this limit are gifts received from your and your spouses' lineal ascendant or descendant. Hence gifts received from your father mother sister your spouse etc. shall not be bound by these limits. But in your case, the relative doesn't fall in the exception and hence the limit of rs.50000/- per year applies.

Originally posted by : Kaushik Joshi
	Dear Nishpat, Section 56 relates to other sources of income taxable in hands of the assessee. Gifts received up to rs.50000/- per year are exempt. Exceptions to this limit are gifts received from your and your spouses' lineal ascendant or descendant. Hence gifts received from your father mother sister your spouse etc. shall not be bound by these limits. But in your case, the relative doesn't fall in the exception and hence the limit of rs.50000/- per year applies.

Hi Kaushik,

Thanks for your reply. Just one clarification, is this limit of Rs50,000 per gift by a non lineal ascendent and descendent or on total gifts that can be received by the HUF? As in, if say, a friend of mine also wants to make a gift to me, of an amount of Rs35,000, then will this also be tax exempted? Or because the total amount that the HUF received in the FY is Rs75,000 (40,000 from relative and 35000 from friend), then the total amount is taxable?  

50000 limit is for full FY., whole 75000 will be taxable since total gift is more than 50000

is it appropriate to do business in the capecity of KARTA of a HUF by a GOV employee ? 

DEPENDS UPON YR SERVICE TERMS WITH GOVT.. AS SERVICE LAWS UNDERWENT DRASTIC CHANGES, ONE NEED TO EXAMINE YR SERVICE TERMS PLS1

GOVERNMENT SERVANTS ORDINARILY NOT ALLOWED TO DO ANY BUSINESS AS BUSINESS AND GOVERNMENT IS INDEED A CNFLICT OF INTEREST PROBLEM...SO ONE NEEDS READ THE FINE PRINT.