Is gift given by grandfather to his grandson huf exempt?
This query is : Resolved
09 March 2013
Hello Friends;
A grandfather is having funds in the firm and is willing to give gift to his grandsons HUF.
Is such gift exempt?
plz guide me..
A grandfather is having funds in the firm and is willing to give gift to his grandsons HUF.
Is such gift exempt?
plz guide me..
CA PARAS BAFNA
(Expert)
09 March 2013
Such gift is taxable as the Grand-father's HUF is not a member of the donee HUF.
.
.
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Prakash Kochar
(Expert)
11 March 2013
Cash Gift up to Rs. 50000/- will not be taxable in the hands of HUF.
Gift to HUF by member attracts clubbing provisions u/s. 64, fore income earned from gift amount.
Gift to HUF by member attracts clubbing provisions u/s. 64, fore income earned from gift amount.
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