10 January 2017
For starting the business, HUF is created and for this HUF gets Rs. 250000/- as gift from the father of Karta of HUF. However no income could be generated from the gift money and so during the year total income of HUF is Rs. 250000/- which is in the form of gift. My question is whether HUF will get the benefit of basic exemption of Rs. 250000/- and will not be liable to file any return any pay tax?
CAclubindia
