gift

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Vinod Kumar Mathuria

Vinod Kumar Mathuria (Querist)
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19 July 2010 Father can gift to son's HUF.with out attracting tax liability

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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19 July 2010 https://www.caclubindia.com/forum/create-huf-to-save-tax-93632.asp

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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19 July 2010 A HUF receiving gift from any person up Rs. 50000/- in a financial year is not taxable in hand of the HUF

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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19 July 2010 It may be noted that there is no blank exemption in respect of Gift within prescribed limit of Rs.50,000 as also gifts from relatives and gifts received in circumstances of exceptions. In appropriate cases the department will be within its powers to treat even such unexplained or unproved gifts as cash credits or income u/s 68 of the Income Tax Act

FOR DETAILED ANALYSIS ON GIFT, PLEASE CLICK ON BELOW LINK

https://www.itatonline.org/articles_new/index.php/law-on-taxability-of-gifts-a-comprehensive-analysis

Vinod Kumar Mathuria

Vinod Kumar Mathuria (Querist)
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19 July 2010 but my consultant is saying that Father can gift any thing to son's HUF without attracting tax liability pls clearify

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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19 July 2010 Upto Rs.50000/- Father can give gift to SOn's HuF without any TAx., until & unless IT Dept. rasied any question regarding this.

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