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Gift whether taxable or not

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 December 2013 I wants to gift to MY HUF. I am Karta of HUF.
Whether is gift is taxable or not.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 December 2013 Such gift is NOT taxable in the hands of the HUF by virtue of Section 56(2)(vii) since gift received from relatives is NOT taxable.

Relative in relation to HUF means the members of the HUF.

However, clubbing provisions may apply.

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