Gift by HUF

This query is : Resolved

Share Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

15 December 2010 Can a HUF make gift to its member. There is any limit.

CA Sanat Pyne

CA Sanat Pyne (Expert)
Follow

15 December 2010 Unfortunately u/s 56 of Income Tax Act, while the sum received by Individual and HUF without consideration (Gift) have been deemed taxable, the definition of Relative for the purpose of exemption has been made in relation to Individual only.

So strictly speaking there is no relative defined for HUF and the definition of 'Relative' being exhaustive, the same cannot be further stretched in respect of HUF. Hence, the sums received by HUF are not exempted under this category and neither the gift from HUF to any member be benefited by this exemption as HUF per se does not fall under the definition of Relative.

Let's hope some judicial order widens the scope of definition of Relative to those donees who pass the test of Relative definition for all members of HUF.

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

Jeegar Valera

Arun Mahaldar

rajeev koolwal

Vinod Patil

madhu Reddy

Subscribe Now

Gift by HUF

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Article Assistant

Accountant

GST CONSULTANT

GST CONSULTANCY

CA Final

Senior execiutive