Gift to huf

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 f Father's Huf has business income & gives gift out of business income to son's huf (in father's huf son is member) then in whose hand it is taxable?

If Father's Huf has no business income & in his books having loans & advances in the name of son's huf. Now it is to be converted into gift to son's huf then how the taxability is determined?

Amol S Joglekar

Amol S Joglekar (Expert)
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02 January 2015 01. and 02. Why to confuse between the gift out of busines income....it is irrelevant.. Relevant point is Father HUF gifts to Son HUF

Sec 56 says...Gift, in case of HUF, to any of its member......

Son HUF is not the member of Father HUF so the rule of amount of 50000 will be applicable

(By the way..Income Tax has derecognised partial partition....How in that case you have such a beautiful combination of F HUF and S HUF?)

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