Creating and funding to huf

This query is : Resolved

Mukesh J Ladia (Querist)
Follow

23 April 2016 After marriage of my son, I can create his HUF. Let me know how much fund I can give to his HUF in a year and what is tax liability on income of that fund ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

25 April 2016 As per income tax law, for an HUF its members are relative persons. Since you are not a member of your son's HUF (consists of son, his wife and his children) you can only provide funds up to Rs. 50,000/- beyond which entire gifted funds will be treated as income of HUF. But in gift deed specifically mention that gift is made to son's HUF and not to him individually.

Mukesh J Ladia

Mukesh J Ladia (Querist)
Follow

25 April 2016 Yeah, I knew that I can not be coparcener of my son's HUF, but can't I gift more than 50000/- per year without gift Tax or clubbing of income problem ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

25 April 2016 See there is no clubbing of income as you are not transferring you funds to your own HUF. As I said, if you gift more than 50000/- as gift in a year it will be taxed in the hands of your son's HUF under section 56 which doesn't allow non relatives to gift more than the stipulated sum of Rs. 50000/-.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHYAM SUNDER GULATI

Shubham Jain

Aakash Kumar

Tia Blair

yadagiri

Subscribe Now

Creating and funding to huf

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

CA Final

Accountant

Article Assistant

GST CONSULTANCY

Manager- Finance and Compliance