Taxability of gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2013
Gift given by one HUF in the form of LIC and also in the form of cash to another HUF whether taxable under income tax Act 1961
12 July 2013
HUF can receive tax free gift from its members only. Since the donor HUF in this case is not a relative of the assessee HUF, it will be taxable.
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12 July 2013
it would be taxable if the value of gidt is more han rupees 50000
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