CAN HUF RECEIVED GIFT FROM A KARTA FATHER, WILL IT WE EXEMPTION IN THE HANDS OF HUF & FATHER BOTH,
This query is : Resolved
Jitendra Jain
(Querist)
29 December 2023
SIR, I WANT TO ASK WHETHER KARTA FATHER CAN GIVE GIFT LIKE CASH, SHARES, & OTHER ASSETS TO HIS SON HUF, AND WILL IT BE EXEMPTED IN THE HANDS OF FATHER & SONS HUF BOTH OR IS IT TAXABLE.
PLZ GUIDE
PLZ GUIDE
14 January 2024
Gifts received by HUF from its members are exempted from Income Tax under Section 56(2)(vii) of the act. As per Hindu law, HUF is inclusive of all family members from a common ancestor, hence the limit of 50,000/- does not apply on HUF, excluding cash gift of more than Rs 50,000/-.
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