gift made by HUF
priyankagupta (article) (361 Points)
12 June 2018
Can HUF gift to its members or karta
2 Replies
Siddharth Goel
(Chartered Accountant)
(3031 Points)
Replied 12 June 2018
Hi,
Any sum given by HUF to its members, subject to the conditions prescribed under Section 10(2) is exempt from tax in the hands of recipients.
Read more at: https://www.caclubindia.com/articles/gifts-to-and-from-huf-20454.asp
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 12 June 2018
As per income tax act, any gift/s received by member from its HUF above rs. 50,000/- in aggregate is taxable; subject to specified conditions u/s. 10(2) of the act.
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