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Gift from huf to huf

Tax queries 348 views 1 replies

I recently had my HUF account created. I am the karta of my HUF as well as a member of my fathers HUF. Now I want to know whether an HUF can receive any amount in gift from parents HUF's (HUF of father or HUF of grandfather). 

Replies (1)

Hello ,

I think it will be taxable.

In the following cases gift will not be charged to tax.

  • Money received from relatives (*).
  • Money received by a HUF from its members.
  • Money received on the occasion of the marriage of the individual.
  • Money received under will/ by way of inheritance.
  • Money received in contemplation of death of the payer or donor.

 

Gift received by HUF from its members are exempted but your father’s HUF is not a member of your HUF.  .. dat y it will be taxable ….

 

 


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