Hello Team,
I want to know if father of HUF's Karta want to make a Gift to the HUF (son's HUF).
1.) Is the gift taxable in the hands of HUF ?
2.) Any tax implication to father by way of clubbing of income rule/act ?
3.) What if any coparcener,cmember or karta of HUF makes a gift to HUF ?
Kindly let me know answer of the above questions.
Thanks.
Mukesh Agrawal
HUF is a virtual body, which can not be entitled as individual for gift tax purpose, so limit of 50000 is applied here, above 50000 it will get taxable.
Yes, gift to HUF will be taxable if the aggreagate total in cash or kind exceeds Rs. 50000/- per year.
HUF has no relatives.
Thanks all for the clarification. One more question to this -
Any tax implication to father by way of clubbing of income rule/act for the income earned by HUF by that gifted money?
CCI
Pro
CAclubindia
