Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

GIFT RECEIVED BY HUF FROM MEMBER

Dharmender kumar Jha (Accountant) (208 Points)

27 March 2018

DearExperts

One of my HUF client has been received Rs 23,00,000/- in HUF saving A/C from its member.

My query is this amount can treat like as gift...? if not than pls clarify how this amount can be treat....?

Total amount received by KARTA mother's.

Thanx

Reply
Follow
Share

6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178263 Points)
Replied 27 March 2018

Gift from Karta's mother (who is not member in Karta's HUF, but is member of His Father's HUF) ........ would be taxable in the hands of HUF (check whether she is member or not)......

So, in that case treat it as loan.

Upgrade to CAclubindia Pro. Subscribe Now!

Dharmender kumar Jha (Accountant) (208 Points)
Replied 27 March 2018

she is member of HUF

Adarsh Shenoy (Student) (81 Points)
Replied 27 March 2018

Gift received by HUF from its members are exempt under Section 56(2)(x). Definition of “relative” in case of a Hindu Undivided Family covers any member thereof.