gift
This query is : Resolved
Vinod Kumar Mathuria
(Querist)
19 July 2010
Father can gift to son's HUF.with out attracting tax liability
19 July 2010
https://www.caclubindia.com/forum/create-huf-to-save-tax-93632.asp
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
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
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
(Querist)
19 July 2010
but my consultant is saying that Father can gift any thing to son's HUF without attracting tax liability pls clearify
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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