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
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GIFT RECEIVED BY HUF FROM MEMBER
Replies (6)
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.
she is member of HUF
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.
Gift received by HUF from its member is tax-exempt as being 'relative' u/s. 56(2)(x), of IT act, 1961.
Thanx a lot sir
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