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GIFT RECEIVED FROM MEMBER OF HUF

This query is : Resolved 
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(Querist)
24 September 2009 DEAR SIR/ MADAM

AN ASSESSEE IS SATUS HUF HE IS PAID CASH GIFT TO HIS WIFE RS. 1,00,000 SHE IS ALSO AN INDIVIDUAL ASSESSEE SO WIFE IS LIBLE TO PAY I.T ON THIS GIFT AMOUNT OR IT IS FULLY EXEMPT.

PLEASE TELL

THANKS IN ADVANCE
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Kapil Arora

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Kapil Arora (Expert)
24 September 2009 Any amount received from member ny HUF then it is not taxable though it is amount invested and capital buildup
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
24 September 2009 agree
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