Gift from HUF to a married daughter

Save Share

This query is : Resolved

Hemali Shanghvi (Querist)
Follow

20 June 2011 Hi,

My client's HUF has gifted his married daughter Rs. 3,50,000/- as gift. Is it taxable in the hands of the daughter? Earlier, he had done the same thing and in that year he had a scrutiny and no questions were raised on that by the IT officer.

Thanks in advance!!!

U S Sharma

U S Sharma (Expert)
Follow

20 June 2011 married daughter was the co-pancer of the HUF, and still continuing, so its partial dissolution of HUF in favor of any member of HUF.

Message likes : 1 times

Hemali Shanghvi

Hemali Shanghvi (Querist)
Follow

20 June 2011 Hi Mr. Sharma,

Thanks for answering my query, but I am still a little unclear. Some one told me that since HUF is not a relative any gift from HUF is taxable. Is it the case?

U S Sharma

U S Sharma (Expert)
Follow

20 June 2011 yes HUF does not have relatives, but it has members

check your HUF constitution, your daughters name is still in incometax records, so she got the amount as a member, not as a gift.

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

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!