HUF PARTICAN , GIFT TO
This query is : Resolved
24 December 2021
IN MY HUF my two daughters are CO PERSONS AND BOTH ARE married, MY AGE IS 67 and HUF ACCOUNT I have ONLY SHARES.AND SMALL AMOUNT OF CASH only, which VALUED RS. 1.5 CORE
i WANTED TO CLOSE MY BUSINESS.i WANTED TO GIVE MY ALL FUNDS TO MY SISTER AND HIS only SON AS SHE HELPED ME LOT AND MY TO MARRIED DAUGHERS.
DO I HAVE TO CLOSE HUF AND TAKE CAPITAL IN MY PERSONAL ACCOUNT?
i WANTED TO CLOSE MY BUSINESS.i WANTED TO GIVE MY ALL FUNDS TO MY SISTER AND HIS only SON AS SHE HELPED ME LOT AND MY TO MARRIED DAUGHERS.
DO I HAVE TO CLOSE HUF AND TAKE CAPITAL IN MY PERSONAL ACCOUNT?
24 December 2021
You need to first close the HUF with complete partition of its assets among the existing coparceners. After that give the amount as gift to the relatives, provided your daughters agree to it.
Message likes :
1 times
24 December 2021
Closing HUF cannot be your sole decision. You need consent of other coparceners. If it is registered as an assessee, you need to intimate ITO too regarding the partition.
Message likes :
1 times
24 December 2021
Can you substantiate the statement::
"Closing HUF cannot be your sole decision. You need consent of other coparceners."
"Closing HUF cannot be your sole decision. You need consent of other coparceners."
Message likes :
1 times
26 December 2021
Mr. RAMBHIA,
Thanks for your reply My two daughters are married and one is settled in USA and anther one in Mumbai, both do not any money from this HUF account. They do not have any objection
More i do not have any SON.
In USA if she get she has to pay 26% taxes. In such case can I take whole amount in my caqpital account make part patrician
Thank you Very much for your guidance,.
Thanks for your reply My two daughters are married and one is settled in USA and anther one in Mumbai, both do not any money from this HUF account. They do not have any objection
More i do not have any SON.
In USA if she get she has to pay 26% taxes. In such case can I take whole amount in my caqpital account make part patrician
Thank you Very much for your guidance,.
26 December 2021
Partial Partition of HUF is not recognized under IT act.
Secondly, you yourself cannot get away with major share in HUF.
For that, under the said favorable conditions, go for Complete Partition Deed. It need not be registered.
Due to expenses incurred during marriage, daughters can settle for smaller amount of share in the HUF.
Contact local legal advisor to finally close the HUF account permanently.
Secondly, you yourself cannot get away with major share in HUF.
For that, under the said favorable conditions, go for Complete Partition Deed. It need not be registered.
Due to expenses incurred during marriage, daughters can settle for smaller amount of share in the HUF.
Contact local legal advisor to finally close the HUF account permanently.
Message likes :
1 times
26 December 2021
THANK YOU VERY MUCH RAMBHIA SIR,
Message likes :
1 times
27 December 2021
Most Welcome...
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
- Off Market debit and credit transaction
- Reporting Income under Section 44ADA
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
