25 December 2014
sir , can a mother who would be a member of HUF gift a property to smaller huf in which her son would be karta? If yes then , will this gift attract provisions of gift tax in the hands of her mother or huf? Plz solve its urgent.. Thanx in advance
25 December 2014
Presently, there is no effective tax law like Gift Tax Act. Tax on gifts is levied under the provisions of the Income Tax Act only. . If mother is not a member of the smaller HUF, total gifts received from non-members if exceeds Rs 50000/-, the gifts so received are taxed under the head Income from Other Sources. .
26 December 2014
Mother is a member in smaller huf & she wants to gift a house property for the benefit of smaller huf. is it possible & if yes , then what are the tax implication of this in hands of mother & huf
26 December 2014
Gifts received from Relatives are not taxable. A member of an HUF is defined as a Relative of HUF. Section 56(2)(vii). . Here, mother is a member of the HUF and she is converting her personal property into the common stock of HUF of which she is a member. Income arising from such property is taxable in the hands of mother. Section 64(2). .
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