Dear All
Up to best of my knowledge, a HUF receiving gift from any person up Rs. 50000/- in a financial year is not taxable in hand of the HUF. Pls. Confirm.
Suresh Savaliya
9987091267
2 Replies
CA JAIMIN TRIVEDI
(C.A.)
(308 Points)
Replied 16 March 2009
absolutely, there is no restriction on the person giving the gift as long as the amount does not exceed Rs.50000/-
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