Pls tell me if father of the karta of a HUF gives a gift for the benefit of the HUF,will the income on such gift be clubbed in the father's hands?Also,what amount can he gift so that tax liability is not attracted?urgent.
1 Replies
neerajkumar(CAFA)
(foreign consultant )
(79 Points)
Replied 18 August 2009
hello neeta aggarwal
if you have recived gift from own relative you can not livable of tax (in case of HUF and ind.) but you can not recived gift from another persons more than 50 thousand in accounting year if you have recived gift from another persons more than 50 thousand you will be liveble tax more than 50 thousand of gift value .in your case father can wil be liveble benefits of gift if he recived from own relation
if you can cell me 09255992804
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