20 February 2013
1. whether a gift received from a HUF to an individual in which his grand father is a karta is exempt from tax? 2. whether a gift received from a HUF to an individual in which his uncle is a karta is exempt from tax?
21 February 2013
HUF is not included in the definition of relative and therefore i am also of the view that such gifts will be taxable if they exceed Rs. 50,000/- However, if the gift is received on ocassion of his marriage it will be exempt in his hands.
21 February 2013
Yes exactly.....although gift from grandfather could have been exempted but as he has gifted not in his individual capacity but as a karta of HUF so it is taxable. HUF doesn't come under definition of relative.
CAclubindia
