Gift to huf

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gaurav

gaurav (Querist)
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26 December 2014 Please anyone tell me whether HUF can receive gift of Rs. 2 Lakh from the father of Karta?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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26 December 2014 An HUF can receive gift in excess of Rs. 50000/- only from its members who will be relatives as per income tax act. If father of Karta is not a member of HUF then the father will be non relative to the HUF and hence entire amount of gift will be liable to be taxed in the hands of HUF.

Rupesh Jain

Rupesh Jain (Expert)
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26 December 2014 HUF CAN ACCEPT THE GIFT FROM THE MEMBER . BUT INCOME FROM THAT GIFT WILL BE CLUBBED IN INCOME OF DONOR.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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26 December 2014 Agree with Mr. Abhishek Opinion, as father of Karta in not member of the HUF, therefore, it will not comes under the definition of relative. Rs. 2 lacs will be treated as Income of the HUF within section 56(2)(vii).

Further, There will be no clubbing provision in hand of payer.

gaurav

gaurav (Querist)
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01 January 2015 Thanks for the reply
But sir please also tell me that from whom HUF can receive gift & of what amount so that no clubbing provisions are there

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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02 January 2015 Upto Rs. 50,000 per year.

gaurav

gaurav (Querist)
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02 January 2015 not cleared, plz mention clerly

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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02 January 2015 HUF or any other person can take cash gift upto Rs. 50,000/- per year from person other relative.
For relatives there is no restriction.

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