I have received Rs 75000/- as a gift from my relatives ( Not Father/Mother)in financial year 2018-2019. I wish to make HUF FD of this amount. Shall i make gift declaration for this .How can I show this as HUF income & make FD as HUD.I am already having HUF account & PAN card
1 Answers
Hi,
The gift received by HUF from non-relatives is exempt up to Rs. 50,000 in a year.
If it is from a relative then it is tax-exempt. The interest income earned on this FD is a taxable income.
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