taxability of gift received by HUF from individual or vice v

This query is : Resolved 

01 January 2009 Sir, I have a case in which an individual is givin a gifts to its HUF For example Mr X wants to gift around 2 lacs to its X & sons (HUF) so is it taxable or if vice versa happens is it taxable in hands of individual

01 January 2009 gift is exempted if it is received from relatives in your case it is received from HUF there is no relation from huf to individual so it is taxable u/s 56(2)(VI) if there is no income of huf in this year so it is taxable & income is calculated as per income tax act & tax is to be paid

02 January 2009 Gift gets taxed only of it is given in cash/cheque and where the sum exceeds Rs 50,000.


07 November 2021 Gift received by son from father will not be taxable, but if received by Son's HUF, it will be taxable.
In reverse case, same is applicable.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries