Gift from HUF to a married daughter
This query is : Resolved
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!!!
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!!!
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.
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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?
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?
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.
check your HUF constitution, your daughters name is still in incometax records, so she got the amount as a member, not as a gift.
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