POSTED BY March 8, 2012 5:43 pm COMMENTS (2)ON
Thanks mr. ASHAL for the reply. Kindly clarify one more thing from your reply. As mentioned gift received by huf is treated as income of huf, suppose Rs. 5 lacs is received as gift, is Rs. 5 L. taxable in the applicable slab only one time in the FY it was received? If in subsequent years if income is below Rs. 1.80 lacs by way of bank interest i assume no tax is payable. Kindly clarify.