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Income tax query
Does a cash gift received by a HUF from a relative of karta (but not the member of HUF) cover under sec. 56? As per my opinion exemption in receiving gift from relatives as defined in sec. 56 is only for Individuals and not for HUF because wordings of defination of relatives in sec. 56 expressely related with indiviual like "spouse of Individual" or "brother or sister of individual" and like that. Please clear the matter.
Replies (4)
GIFT TO HUF IS NOT EXEMPTED ........THE SECTION SPEAKS OF THE RELATIVES OF THE INDIVIDUAL
I think ,there should be some more replies
According to section 56 any sum of money exceeding Rs. 50,000, received by an individual or HUF from any person during the previous without consideration on or after 1.04.06, then whole of the aggfrate of such sum will be taxable.
if i sale my jewllery what will be tax eleemnt
how much min to to invest in mutual fund to get tax deduction
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