Taxability of gift u/s 47(iii)

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PULKIT BANSAL (Querist)
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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).

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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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.

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PULKIT BANSAL

PULKIT BANSAL (Querist)
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18 December 2015 and in case HUF sells the property ,then also the capital gain will be clubbed in income of Karta .

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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18 December 2015 Yes absolutely, capital gain will also be clubbed.

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