Gift received by HUF in Cash from Relative of Karta

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  1. swaminathan

    swaminathan New Member

    i am the karta of HUF engaged in a business. Shall i receive gift from my relative ( spouse side ) by way of cash to the tune of Rs.6 to 7 lakhs if so is it taxable for my HUF status and the person giving gift. pls clarify in detail
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    Gifts received from Relatives whether in Cash/Cheque or kind is exempted from the levy of income tax.
     
  3. Mamta Sen

    Mamta Sen New Member

    Gift received from relative is exempted but there is a specified list of the relatives who comes under exemption category.
    Even the amount of exemption is upto a certain limit.
    I would suggest you to refer this gift tax calculator http://www.finmart.com/Gift-Calculator.html . This will help you to know the answers of your queries.
     
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