Gift received by HUF by relatives of member of HUF
This query is : Resolved
02 July 2022
Sir,
I formed an HUF of my husband and me.
The capital is Rs. 10-15 lacs to be gifted by husband's mother (my mom in law)...
Is gift received in the hands HUF by relatives of the member of HUF taxable to HUF?
It is transferred by bank cheque?
What if transferred by his mother in cash?
I formed an HUF of my husband and me.
The capital is Rs. 10-15 lacs to be gifted by husband's mother (my mom in law)...
Is gift received in the hands HUF by relatives of the member of HUF taxable to HUF?
It is transferred by bank cheque?
What if transferred by his mother in cash?
02 July 2022
Yes, it's taxable. 100% penalty leviable on cash gift 2 lacs and above.
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