Gift recd by HUF

Question

If gift recd by a HUF exceeds Rs 50,000 say 130,000 and is taxable in the hands of HUF:

1) Would the entire 130,000 be liable for tax or the difference between 130000 & 50000?

2) ALSO under what head of income would that be considered in the ITR-2?

3) And if there is no other income to the HUF would the tax-payable in this case be NIL?

REGARDS thyagarajan

Pankaj Batra · Accepted Answer

Only amount which is above 50,000 would be taxable in a financial year. So in case total gift amount received in year is 1.30 lacs, 80,000 would become taxable.
It should be shown under income from other sources.
I think if total income (including taxable gift amount) is less than taxable limits, there won't be any income tax.