Gift to huf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 December 2013
Mr. X HUF has received gift of Rs. 10Lacs from brother of Karta Mr.Y. Now, as per the definiton of HUF, all lineal descendants of Karta would be called the members. Here, gift has been given by brother of Karta, whether it will be taxable? if yes then in whose hands gift will be taxable, Mr. Y or HUF?
02 January 2014
1. Mr. Y is a member of the HUF and accordingly is a relative of the HUF for the purpose of Section 56(2)9vii).
Therefore, gift received by HUF from Mr. Y is NOT TAXABLE in the hands of the HUF.
2. There is no tax implication in the hands of the donee (the person making the gift). However, clubbing provisions may apply.
Therefore, gift received by HUF from Mr. Y is NOT TAXABLE in the hands of the HUF.
2. There is no tax implication in the hands of the donee (the person making the gift). However, clubbing provisions may apply.
02 January 2014
Yes gifts from relatives as said above is not taxable as per ammendments made by finance act 2012.
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