INcome Tax query
Can huf received gift from relative. it is taxable or not
Dwarkadas Madanlal Kabra (MD) (30 Points)
01 May 2017
7 Replies
Sivaiah Ganga
(68 Points)
Replied 01 May 2017
Clear answer is there in sec 56 of incometax act.... Please refer....
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 02 May 2017
Yes, huf can receive gift from relatives.
However, the same shall be exempted.
CA sachin chaurasiya
(Accounts & Finnance)
(32 Points)
Replied 02 May 2017
As per section 56 of incomee tax act 1961,any sum of money or any property recieved by Individual or HUF from relatives is exempt from income tax in the hands of reciever.Hope trhe doubt is cleared.
prad
(accounts executive)
(26 Points)
Replied 03 May 2017
If gift recieved from other than relative then .....and in which income tax act will applicable for this?????
prad
(accounts executive)
(26 Points)
Replied 25 May 2017
i hve deduct 1% tds on contractor in spite of 2% in jan17.....tds return also file for the same....how it could be correct now....plz advise
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