18 October 2013
In Finance Bill 2012, a retrospective amendment w .e . f 1 .10. 2009 is going to be taking place by substituting a new clause ii ) for Explanation ( e ) to Section 56 ( 2) ( vii ) - In the case of an HUF Relative menas ANY MEMEBER OF THAT HUF . . There is no Restriction for HUF in receiving the gifts . But gifts received above Rs 50000 /- from persons other than relatives is treated as taxable under the head Income from Other Sources . . Gifts received from members of HUF are not taxable and can be accepted by the HUF . However , Section 64 ( 2) will play its own role . In such cases, income derived by the HUF from the amount received from members as a gift , is liable to be clubbed in the respective member' s hand. .
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