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Gift to huf from member
Can any individual make a gift to a HUF in which he is a member. Will it be under tax liability. OR Can he make a gift to his father's brother HUF. Will it be under tax liability.
Replies (5)
- Gift to HUF by its member is not taxable
- Gift (exceeding Rs.50,000) to any other HUF/person in which such person is not a member shall be taxable as it is not covered under exemption.
- For details: https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=
agreed , any gift to HUF by member is not taxable .
But gift of amount exceeding 50000 to other HUF is TAXABLE as not covered in defination of relative u/s 56(2)(vii).
| Originally posted by : Poornima Madhava | ||
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Gift to HUF by its member is not taxable Gift (exceeding Rs.50,000) to any other HUF/person in which such person is not a member shall be taxable as it is not covered under exemption. For details: https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k= |
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Agree with Poornima
No gift by member of huf to huf is exempted from tax
Gift by an idividual to HUF in which he/ she is member is not taxable, even if value of gift exceed rs.50000. In case gift given by n individual to any other Person/ huf then it is taxable..
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