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
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- When TDS on GST applied
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
