Gift to son's huf... taxable or not?

Tax planning 2152 views 5 replies

Can a HUF receive gifts from mother/father of its KARTA without invoking Clubbing Provisions??

Replies (5)
Clubbing provisions are not applicable in this case.. I think it will taxable u/s 56..

HUF can receive gifts from mother/father of its KARTA without invoking Clubbing Provision but when it will received gift then it will be taxable under section 56(2)(vii):
Finance act 2012 there has been an amendment that HUF is also relative of member of HUF here only member is covered but not relative of relative of member of HUf.

So it wil be treated as taxable gift if it exceeds Rs.50,000

Reference to Section 56(2)(vii) has rightly been made.

However, please note that there are only 9 movable and immovable properties for which this section applies.

And there is also the limit of Rs 50k.

No clubbing u/s 64 in this case. If mount exceeds Rs.50000/-, the whole of the Gift is taxable

Yes though no clubbing provisions will be applicable in this type of transaction entire gift will be taxable in the hands of HUF if the gift is more than Rs. 50000/-


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