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GIFT From HUF to Member

Rajat (India) (76 Points)

10 March 2010  

I am Karta of my HUF. If the HUF wants to gift Rs.2,00,000 to my wife in the FY 2009-10 will it be taxable for HUF or my wife

 3 Replies

Rajat Singhal CA,CS,CFA (Senior Manager (F&A)) (249 Points)
Replied 10 March 2010

Hello Rajat,

There is no restriction on HUF gifting money to your wife. However, if the aggregate amount of monetary gift received in the year from any person exceeds Rs 50000, then the entire amount of gift received is chargeable to tax under the head ‘Income from other sources’ [Section 56 (2)(vi)] of the Income-Tax Act, 1961. This section does not apply to gifts in kind.

so it would be taxable in the hands of your wife.

The clubbibg provisions are applicable only to the individuals so there would be no cluubing in the income of HUF.



dharamendra (individual) (21 Points)
Replied 07 February 2011

Huf given individual person give gift its taxable? and which u/S.

CA PARAS BAFNA (Practising CA ) (33403 Points)
Replied 07 February 2011

Generally HUF can gift a reasonable amount to its members.

In case other members do not agree, Karta, outrightly  can not gift HUF funds to a person eventhough he is a member.

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