|QUERY:||Can I accept gift from my father's own younger brother for my HUF consisting of myself, my wife and children?|
|ANSWER:||There is no restriction from accepting gift from your real uncle (your father's younger brother) for your HUF consisting of yourself, your wife and children, but the same would be taxable in the hands of your HUF. Section 56(2)(vii) exempts gift received from any member of HUF. As your uncle is not a member of your HUF, gift received from your uncle by your HUF is taxable.|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Income from other sources- Gift to HUF by uncle|
Opinion Of Eminent Legal Luminaries On Controversial Issues
Income from other sources- Gift to HUF by uncle
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