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
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.
CAclubindia
