Gift tohuf member by huf

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Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2012 can a HUF member receive gift from huf.
what will be tax ...

CA Pooja Agarwal

CA Pooja Agarwal (Expert)
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08 November 2012 since HUF cannot be treated as a relative,gifts reeived by the member in excess of rs .50000 will be taxable in his /her hands

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 November 2012 There is no tax on gifts received from relatives.
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In the case of an HUF any member is treated as its relative and as a matter of general
understanding the reciprocal - that an HUF is a relative of any of its member also stands good. Any relationship indicates a two way approach.
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An HUF can gift a reasonble amount to its member. What is reasonable, has to be observed from the facts and situation of the case.
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