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Taxability of gift to huf

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(Querist)
12 October 2011 If HUF received gift from Karta's relative of Rs. 2Lacs. Then as it is more than 50,000/- it will be taxable gift.
And HUF has no other income.
Pls guide whether Limit of 160,000/- applicable for this gift of Rs. 2Lacs or not.
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
12 October 2011 yes basic exemption will be allowed even ded under section 80C will be allowed

CA MANOJ GUPTA
JODHPUR
09828510543
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CA. Naveen Jain

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CA. Naveen Jain (Querist)
14 October 2011 Sir It means gift received from father will be count as other income for HUF
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