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An individual can gift to huf

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 October 2013 an individual can give gift to his huf and if there is any clubing provision.
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Sanket

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Sanket (Expert)
18 October 2013 In Finance Bill 2012, a retrospective
amendment w .e . f 1 .10. 2009 is going to be
taking place by substituting a new clause ii )
for Explanation ( e ) to Section 56 ( 2) ( vii ) - In
the case of an HUF Relative menas ANY
MEMEBER OF THAT HUF . . There is no
Restriction for HUF in receiving the gifts . But
gifts received above Rs 50000 /- from persons
other than relatives is treated as taxable under
the head Income from Other Sources . . Gifts
received from members of HUF are not taxable
and can be accepted by the HUF . However ,
Section 64 ( 2) will play its own role . In such
cases, income derived by the HUF from the
amount received from members as a gift , is
liable to be clubbed in the respective member' s
hand. .
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