Tax liability

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2018 1. Is The Gift/Money Received By HUF From Its Member Taxable In Hands Of HUF ? Is There Any Monetary Limit ?

2. Is The Gift/Money Received By Member From HUF Taxable In Hands Of That Individual Assesse ? Is There Any Monetary Limit ?

CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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19 April 2018 gift recd by HUF form its memeber is not taxable u/s 56 (2)
however gift recd by member from HUF is not directly exempt u/s 56 (2) , but in various decision of court , HUF has been taken as group of relative

but pls take care that clubbing provision u/s 64 will be applicable