Question ID : 31730

GIFT FROM HUF TO ITS KARTA

Please advice me, whether gift received from HUF by its KARTA is taxable or exempt. In view of definition of relative in sec. 56 of the Income Tax Act 1961, whether such gift received by KARTA of HUF from his own HUF, comes under the definition of relative and accordingly whether it is exempt?

posted by MAHADEO VIRUPAX WALI on Jul 5 2018 12:00AM