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Attracting gift

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(Querist)
10 November 2012 Mr. Manish has a HUF which consist of Mr.&Mrs. Manish and his two sons.

Smt.Kamala Bai - mother of Mr.Manish desires to Gift to Manish(HUF).

Note*** Smt. Kamala Bai is not part of Manish(HUF)


Q) In the hand of Manish(HUF) gift is Exempt or Taxable?
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Anand Modi

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Anand Modi (Expert)
10 November 2012 Taxable if the gift amount is more than 50,000/- in a year.

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