Gift to huf
This query is : Resolved
Naveen Kumar Jain
(Querist)
20 January 2019
Will a gift by father to son's HUF be exempt, as gift from relative? -- all members of son's HUF and father or mother of son are covered under definition of relative, and hence will HUF also be considered as relative?
21 January 2019
No, For HUF its members only are relative, since father is not a member of son's HUF gift from him would not be exempt as relative. Therefore he can gift up to Rs 50000/- only.
Naveen Kumar Jain
(Querist)
21 January 2019
Please see the judgement in DCIT Vs Ateev V. Gala (ITAT Mumbai) and Veenit Kumar Rahgavjibhai Bhalodia vs ITO (2011) 140 TTJ (Rajkot) 58; (2011) 12 ITR 616 (ITAT). where it was held that an HUF is ‘a group of relatives’, and gift by HUF was held not taxable. So converse should also be acceptable that gift by a relative to HUF is also covered under exemption. Please express your views?
Dhirajlal Rambhia
(Expert)
19 October 2021
Act has not specified it as exempt. You will be required to get relief under appeal.
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