Is gift is taxable if it is paid to HUF?(Gift given Specifcally to Karta / HUF individual itself and not to the members of HUF)
4 Replies
praveen
(Chartered Accountant)
(6971 Points)
Replied 18 November 2008
Gift given to individual / HUF in cash above Rs. 50,000 is taxable. However if gift is given by members of the HUF then it is not taxable. :)
(Guest)
Dear, the answer of ur querry r as follows.
1) provision u/s 56(2)(vi) :- Moneatry gift (i.e. gift in cash & cheque only) recieved by IND/ HUF on or after 01/04/2004 shal be taxable under the head Income from other Sources ,if the aggregate value of such gift exceeds Rs 50000.
2) if member recieves gifts in his individual capacity & not in HUF capacity then such gift shall be taxable in his hands becoz only gift recieved from HUF of which he is member shall be exmpt.
T.S.Mohana Harish
(Audit Assistant)
(163 Points)
Replied 03 December 2008
s the answer is right ,
T.S.Mohana Harish , harish_ts1984 @ yahoo.com
chockalingamrm
(Chartered Accountant)
(30 Points)
Replied 08 February 2009
Under new provisions if an HUF is permitted to make gifts to its members. If so what will be tax treatment in the case of Donor - HUF and in the case of receipient -Members.
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