Gift to huf

Dear friends.

Whether gift taken by HUF from KARTA  OR  FATHER OF KARTA  is exempted??

thanx and regards

 

Replies (4)

gift of what??

 

eg share, immovable property,cash

it is not exempted. because rule of clubbing provision will be applicable. It will be taxable in the hands of karta.  in the case of HUF other than karta, gift can be taken and deemed as exempted.

I agree with Hardik's view but in addition to what he told- Gift received from father of Karta has to specifically say (in proof by letter) that such Gift is for benefit of HUF

Can you please clarify that say suppose a person other than Karta has gifted some cash or property into HUF,the income accruing on this gifted asset

Will it be clubbed ,If yes then clubbed with karta or the other member ?

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