Is a gift received by HUF from its members or their relatives taxable?
Gift received by HUF from its members are exempt under Section 56(2)(x)
Is a gift received by HUF from its members or their relatives taxable?
Ram Saran, Ghaziabad
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. It does not include relatives of such member. Thus, gift received by HUF from relatives of members shall be taxable.