13 October 2010
A Gift of 62000 recd. by a HUF from Mr.X(Karta Of HUF)on 10 april 2009 and another of 18000 from an relative of x on 30 sept.2009. whether huf is chargeble for gift recd. or not? Is Karta Of HUF is relative of HUF?
13 October 2010
as you have received Rs. 18000 from the realtive of x .It will not be taxable .Because maximum limit is Rs. 50000. Huf do not have any relatives.
CAclubindia
