Gift to huf

This query is : Resolved

Ramnik (Querist)
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09 July 2012 Hi ,
If i gift my HUF 50k rupees, then the interest generated from that money will be clubbed to my income or to the income of the HUF?

Alternatively if I gift my HUF money which is used to buy property, then the rent generated from that property shall be clubbed to my income or to the income of the HUF?

srinivas reddy

srinivas reddy (Expert)
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09 July 2012 if it is irrevocable transfer not included in your income. otherwise it is included in your income

Ramnik

Ramnik (Querist)
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09 July 2012 What about section 64(2) of the IT Act....i think it mentions such transfer shall lead to clubbing of income to individual hand and not to HUF?