I am karta of my HUF, planing to give Rs,50 Lakhs to my Individual status. Kindly tell me is there any GST liability on the Gift.
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Gst tax liability
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It is being reported that gifts and perquisites supplied by companies to their employees will be taxed under GST. Gifts upto a value of Rs 50,000/- per year
| Originally posted by : Krishna Murty | ||
| I am karta of my HUF, planing to give Rs,50 Lakhs to my Individual status. Kindly tell me is there any GST liability on the Gift. | ||
In the above referred case...... no GST liable........ as its not for furtherance of business.........
But whether HUF can give gift to member is questionable !!!!!
With reference to meaning of supply as per Schedule I or Schedule II the above said gift was included or not , kindly clarify.
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