Gift to huf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2015
1.Can members give gift to huf ?
What is taxibility in hands of members & huf?
Have any case laws for this .
2. If Individual (member) convert his own property in huf's property then what is taxbility in the hands of huf & individual (member)
What is taxibility in hands of members & huf?
Have any case laws for this .
2. If Individual (member) convert his own property in huf's property then what is taxbility in the hands of huf & individual (member)
04 March 2015
1. Yes members can give gift to HUF. No taxability in the hands of HUF as its members are its relatives.
2. As per section 64, if any individual converts his own property into his HUF's property on or after 1.1.70 than any income derived out of such property by HUF will be deemed to be income of that person itself that is will be clubbed with the income of that person only. This will also applicable in case of gift by members to HUF.
2. As per section 64, if any individual converts his own property into his HUF's property on or after 1.1.70 than any income derived out of such property by HUF will be deemed to be income of that person itself that is will be clubbed with the income of that person only. This will also applicable in case of gift by members to HUF.
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