I am employed, pay taxes and married. I would like to know:
a). Can I gift 5lac by bank-transfer to my fathers HUF?
b). If yes, will the HUF have to pay any taxes on this money received?
Thanks
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Huf, marriage and gits...
Replies (5)
If you are a member of your father's HUF, then you can gift to your father's HUF without tax impications since HUF can accept gift from its relative that is members even in excess of Rs. 50,000/- but since you are married I suppose you are not member of his HUF in that case entire gift will be taxable in the hand of HUF.
I am not a member of my father's HUF, can I gift to my dad and mom 5Lac rupees without any tax-implications?
That is what I have said in my earlier reply that if you are not a member of your father's HUF, the entire sum will be taxable in the hands of the father's HUF.
So can I gift to my dad (not huf) and mom 5Lac rupees without any tax-implications?
No tax implications on gift made by daughter to father mother in the hands of the parents as any gift received from relatives is exempt.
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