Is the gift of more than 50000 received from wife's parents tax free in my HUF?

Income Tax 1961
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1

Is the gift of more than 50000 received from wife’s parents tax free in my i.e. Karta’s HUF?

2

Hello @Hitesh_Sathawane

Gift of more than Rs.50000 received from wife’s parents is taxable and not tax-free because your wife’s parents are not considered as a “relative” of HUF as per definition of Income tax Act and hence any gift of more than Rs.50000 will be taxable in hands of HUF.

Hope this helps !!

4

Thanks for the replay @Priyanshu_Agarwal ,
@Pranab63 thanks for all your valuable input on earlier topics as well, I would really appreciated if you can guide where exactly in Income Tax Departement of India website we can navigate to get most of our queries resolved

5

Hey @Hitesh_Sathawane,

You can absolutely post all your queries here. The members of the community is here to help and guide you.

6

Gift from wife’s parents to HUF is treated as from non-relative; if total exceeds ₹50,000, entire amount becomes taxable under “income from other sources.”