Whether amounts received by HUF as gift in excess of Rs. 50,000/- from its Karta or Members will be taxable within the meaning of section 56 (1) (vi) of the I T Act, 1961 and vice versa?
4 Replies
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 23 June 2009
yes it will be taxable in the defination of relative HUF is not covered
CS Asmita Mehta
(CS)
(308 Points)
Replied 23 June 2009
Gifts exceeding Rs. 50000 will be taxable in the hands of H.U.F. The provisions related with exemption (occasion of marriage/relative) are applicable only in the case of individual.
silky jain
(chartered accountant)
(167 Points)
Replied 24 June 2009
it will be taxable as definition of relative doesnot cover karta of huf
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