Huf gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2012 can INDIVIDUAL (WHO IS KHARTA OF HUF) GIVE GIFT TO HUF (IN WHICH HE IS KHARTA )? IF CAN GIVE WHAT IS LIMIT?

Guest

Guest (Expert)

22 August 2012 NOT EXCEDING 50000 RS.

Prakash Kochar

Prakash Kochar (Expert)
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26 August 2012 Not agreed with views of Mr. Saurabh.

Gift without any limit, by any member to HUF is totally exempt in hands of HUF as per amendment made by finance Act 2012, with retrospective effect from 01.10.2009.
Income arising from gifted property will be clubbed with the income of doner member and will be excluded from income of HUF.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 sir,
Income is taxable in hands of doner then what is utility of gifting money to huf ?

Prakash Kochar

Prakash Kochar (Expert)
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05 September 2012 It depend, how it is planned? Income received from gifted amount is taxable in hand of donor, but income earned from the amount of income received is not clubbed with income of donor.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 sir,
can u give me some kind of example to share ? i can't get point you want to tell me ....