Gold jewellery transfer between HUF
This query is : Resolved
01 March 2023
There are two HUF. Ram HUF and Ravi HUF. Ravi karta of Ravi HUF is also a member of Ram HUF. Ram karta of Ram HUF passes away. The gold jewelry of Ram HUF transferred to Ravi HUF.
Ram grandfather and Ravi his grandson.
Is it taxable under income tax. Can the experts throw light on such a transaction please....
Ram grandfather and Ravi his grandson.
Is it taxable under income tax. Can the experts throw light on such a transaction please....
01 March 2023
Ram HUF & Ravi HUF are different assesses having different PANs, hence any gift from one to another will be taxable.
If Ram HUF gets dissolved, and as such if Ravi HUF gets inheritance, it will be tax free.
If Ram HUF gets dissolved, and as such if Ravi HUF gets inheritance, it will be tax free.
01 March 2023
Ram, karta of Ram HUF passed away. Can the other members of thid HUF give an affidavit stating that the HUF is dissolved and the gold jewellery goes to Ravi HUF, who is the grand son of Ram? Kindly clarify sir....
01 March 2023
Even when karta passes away, HUF subsists. Next eldest coparcener can continue to be karta of Ram HUF.
Once Ram HUF is dissolved by way of family settlement deed, Ravi HUF can get its share without any tax liability.
Once Ram HUF is dissolved by way of family settlement deed, Ravi HUF can get its share without any tax liability.
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Grand in aid
- Gst on travel by air for business purposes
- ASMT-10 received from A O
- IT returns for fresh job holders
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Reporting in TDS return
- CLOSING STOCK QUERY
- F&O reporting in ITR
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
