Huf income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2012 As per amendment to finance act 2012, any property transferred (gift) by individual (karta) to HUF without consideration is not taxable in hand of HUF.
New question is income received on such property will be clubbed in hands of individual or not. section 64(2) will apply on this or not.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 July 2012 The amendment has only exempted the gift in the hands of the HUF.

Section 64(2) shall still apply and income from such gifted asset shall be taxable in the hands of the Karta.

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