Taxability of gift u/s 47(iii)
This query is : Resolved
PULKIT BANSAL
(Querist)
18 December 2015
If any individual being a Karta of HUF gifts immovable property to its HUF . Will the above transaction be exempt in the hands of individual u/s 47(iii).
18 December 2015
If Karta transfers his property to his HUF than clubbing provisions u/s 64 will apply hence if HUF derives any income out of the transferred property such as rental income than the same will be clubbed with the hands of the transferor i.e. karta.
For an HUF its members are its 'relatives' u/s 56 therefore HUF can accept gift of immovable property from Karta.
For an HUF its members are its 'relatives' u/s 56 therefore HUF can accept gift of immovable property from Karta.
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PULKIT BANSAL
(Querist)
18 December 2015
and in case HUF sells the property ,then also the capital gain will be clubbed in income of Karta .
18 December 2015
Yes absolutely, capital gain will also be clubbed.
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