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HUF

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 June 2010 Who can give gift to HUF so that it is tax-free in the hands of HUF and is there any limit to it...?
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
21 June 2010 IF HUF RECEIVES GIFT, IT IS TREATED AS INCOME. NON-TAXABLE GIFT CAN BE RECEIVED ONLY FROM RELATIVES. AS HUF IS NOT A NATURAL PERSON, MEMBERS OF HUF ARE NOT ITS RELATIVES.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
21 June 2010 upto 50000 is not taxable in the hands of huf beyond that than full amount received will be considered as income.
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