Gift recd by HUF

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

asked Sep 27 '11 at 17:50 by Thyagarajan Mani 6123

  1. 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.
  2. It should be shown under income from other sources.
  3. I think if total income (including taxable gift amount) is less than taxable limits, there won't be any income tax.

answered Sep 27 '11 at 21:42 by Pankaj Batra 5.2k320


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Asked: Sep 27 '11 at 17:50

Seen: 1,684 times

Last updated: Sep 27 '11 at 21:42