indian income tax law queries??

Question

indian income tax law queries???in one financial year, upto what amount i can get tax free gifts from non-relatives?i have heard , these days the maximum limit has been raised to rs.50000/-.But is this the aggregate limit for me of taking tax free gifts in one financial year or is this the limit of taking tax free gifts from one person in one financial year.or say it simply that upto what limit one person can get tax free gifts in one financial year?
and the second question--- i have net income of rs.2 lakhs from a business of mine which runs on my individual capacity AND i have another income of rs. one lakh from a HUF of which i am a member.this income is also net income i.e. the tax due on both of these incomes has already been paid.NOW SHOULD I SHOW MY INCOME FROM HUF also in my income statement to the I.T. DEPPT.i.e. should i right that my total income is rs.3 lakhs,rs.two lakhs from individual business and rs. one lakh from HUF.OR IS THERE NO NEED TO CLUB BOTH OF THESE INCOMES AT ALL??

Answer 1

Answer for the first part of ur question-

Rs 50000 is limit for gifts that you can receive. It is the aggregate limit and not for each gift from each person.

Answer to your second question-

You must show both the income separately in your statement to IT dept. Income you receive from your business is Income from Business and that from HUF is in a totally different capacity. So that has to disclosed separately.

Answer 2

I live aboard as well. When I left I checked about the income tax thing. My understanding is you do not pay any taxes on your income. The only time you pay is in the year that you return. So for example if you go back in June then, the you would have to pay taxes from January to June. So even if you are in India for 3 years you should not pay anything, until the year you return. (I was from Canada, so I am basing this on their rules). I could be wrong but that is what I learned before leaving.

Answer 3

The answer of Mr."The guru" is right.

The HUF income is different and Individual income is different and separate tax status. You have to file two different returns. Are you having PAN card to your HUF ? , if not you need to apply for it. Also open a separate HUF bank account.