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Taxability of gift
Can HUF receive gift over Rs. 50,000/0 from the father of Karta
Replies (3)
Yes, Gift received from father is not taxable, it covers under the definition of relatives.
Yes, Gift received from father is not taxable, it covers under the definition of relatives.
Sir,
It is a gift to HUF from the father of Karta
Section 56 no where explain the defenition of relative of HUF. In case of HUF it states any member of HUF. But here the father of Karta is not a member of HUF and hence can not be considered as a relative.
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