05 January 2009
A HUF consists of a person, his wife and two sons. Father of the karta makes a gift of Rs. 2 lacs to the HUF by way of an account payee cheque. The gift recd by a HUF from the parents of the karta are taxable under the head Income from other sources. I want to know if the gift is recd in two parts i.e. on one day Rs. 50000/- and after some days Rs. 150000/- from the same person or different person then the taxable amount will be Rs. 2 lacs or a deduction or Rs. 50000 will be available. Please guide me. It is urgent. Thanx
05 January 2009
As per section 56(2)(vi) if the value of gifts exceeds Rs.50,000/- then the whole of the aggregate value of such sum will be chargeable to income tax in the hands of the receipent.No exemption of Rs.50,000/- will be available in such cases.
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