Gift of shares

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Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2014 (1) If a HUF gifts shares in its possession / holding to any one member of the HUF, is it taxfree in the hands of the member?

(2) Can HUF do so or is it necessary to allocate the value of shares equally amongst all the members of the HUF?

Rupesh Jain

Rupesh Jain (Expert)
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28 November 2014 it is not compulsory to give gift to every member of the HUF.

and if any income recd to member it will be taxable in hand of HUF.

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2014 Are clubbing provisions applicable to HUF?

Rupesh Jain

Rupesh Jain (Expert)
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29 November 2014 yes, income clubbing applicable .

Querist : Anonymous

Querist : Anonymous (Querist)

29 November 2014 Thanks Sir. But somebody told that this type of gift amounts to partial partition of HUF, not recognised in Income Tax and would have certain tax implications. Please suggest.

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