Gift to huf
This query is : Resolved
26 December 2014
Please anyone tell me whether HUF can receive gift of Rs. 2 Lakh from the father of Karta?
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
(Expert)
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
(Expert)
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.
Further, There will be no clubbing provision in hand of payer.
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
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
(Expert)
02 January 2015
Upto Rs. 50,000 per year.
CA Kumar Mukesh
(Expert)
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.
For relatives there is no restriction.
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