CA. Raghav Baheti (Practicing Chartered Accountant) (50 Points)
08 December 2014Can a HUF receive gifts from mother/father of its KARTA without invoking Clubbing Provisions??
Ankit
(Student)
(661 Points)
Replied 08 December 2014
subhash kumar jha
(PROFESSION)
(445 Points)
Replied 08 December 2014
HUF can receive gifts from mother/father of its KARTA without invoking Clubbing Provision but when it will received gift then it will be taxable under section 56(2)(vii):
Finance act 2012 there has been an amendment that HUF is also relative of member of HUF here only member is covered but not relative of relative of member of HUf.
So it wil be treated as taxable gift if it exceeds Rs.50,000
Rahul Agarwal
(Chartered Accountant)
(213 Points)
Replied 12 December 2014
Reference to Section 56(2)(vii) has rightly been made.
However, please note that there are only 9 movable and immovable properties for which this section applies.
And there is also the limit of Rs 50k.
Amit
(Accountant)
(261 Points)
Replied 13 December 2014
No clubbing u/s 64 in this case. If mount exceeds Rs.50000/-, the whole of the Gift is taxable
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13542 Points)
Replied 19 December 2014
Yes though no clubbing provisions will be applicable in this type of transaction entire gift will be taxable in the hands of HUF if the gift is more than Rs. 50000/-
CAclubindia
