Gift from relative

[Sunil K. Jain]

The HUF received a gift on the marriage of one of its member for a sum of Rs. 2.00 lac. Will it be exempted gift to the HUF being on the marriage of one of the member ?

AI Summary

Gift to HUF Member at Marriage May Not Be Tax-Exempt for HUF as a Whole Under Income Tax Rules. A query was raised regarding whether a gift of Rs. 2.00 lakh received by a Hindu Undivided Family (HUF) on the marriage of one of its members is exempt from income tax. The response clarified that the gift is related to the individual member of the HUF rather than the HUF itself, implying that the exemption may not directly apply to the HUF as a whole.