Gift u/s 56 of th act
This query is : Resolved
muthukumar
(Querist)
22 October 2013
Respected Aryan Singhania Sir,
Thank you very much for your valued
opinion about the Gift.But,your answer to
the second part of my query is not clear,
in the sense,Can father become a member of
his son's HUf? If not,Will the gift made by
him to his son's HUF ( Recipient )be an
exemted income u/s 56 of the Act? Please
clarify.
Respected Aryan Singhania Sir,
Thank you very much for your valued
opinion about the Gift.But,your answer to
the second part of my query is not clear,
in the sense,Can father become a member of
his son's HUf? If not,Will the gift made by
him to his son's HUF ( Recipient )be an
exemted income u/s 56 of the Act? Please
clarify.
CA Pallav Singhania
(Expert)
22 October 2013
A father can be a member of Son's HUF if the Son is karta of the HUF..
However, If father is the relative of the HUF, then section 56{2}{vii}does not attract and gift is not taxable in the Hands of HUF...
However, If father is the relative of the HUF, then section 56{2}{vii}does not attract and gift is not taxable in the Hands of HUF...
Dhirajlal Rambhia
(Expert)
10 October 2021
No. Father cannot be member of SON HUF.
Gift given by father to SON HUF would be tax free upto the limit of Rs. 50000/-
If given more, total amount will be taxable (to SON HUF).
Gift given by father to SON HUF would be tax free upto the limit of Rs. 50000/-
If given more, total amount will be taxable (to SON HUF).
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
