GIFT TO HUF BY MEMBERS
This query is : Resolved
01 January 2020
an individual is taxed in 30% tax bracket. he is also Karta of his HUF. To save tax on FD interest he want to give gift money to his huf and do FD from HUF account. I have following questions related to this.
1 . is this gift allowed under income tax act..
As per my knowledge its not taxable in the hand of HUF.
Read with section 56(2)(X) AND Relative definition under explanation to clause (VII)
e) Relative means
(i)......
(ii) in case of hindu undivided family, Any member thereof.
Thanks in advance
1 . is this gift allowed under income tax act..
As per my knowledge its not taxable in the hand of HUF.
Read with section 56(2)(X) AND Relative definition under explanation to clause (VII)
e) Relative means
(i)......
(ii) in case of hindu undivided family, Any member thereof.
Thanks in advance
02 January 2020
You are correct in your understanding. Gift by a member of a HUF to HUF is exempt as it comes within thedefinition of relative under section quoted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- GST ON TRAVELLING BILLS
- F & O PROFIT REPORTING FOR AY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
