Gift received by HUF from the relatives of members of HUF is tax-exempt, because relatives of individuals are relatives of HUF (vide some courts judgements)
THANKU SIR..
and amount received from wife to huf ?
Any member can gift or donate reasonable amount to HUF, for the benefit/walfare of the family. In case its sizable amount, specifically donated to transfer tax liability of any member, AO can implicate clubbing provision.
sir if the gift amount is transfered then gift wa never taxable in the hands of karta or member as it was received from RELATIVES so the is no point of transfer of tax liability right ?
so my question is is that amount or property will be taxable if huf receive amount from karta or its member for no consideration.
The Gift amount is not taxable, right.
But, say for property, any rental income derived by HUF over the property will be taxed in the hand of donor, by way of clubbing provision.
CAclubindia
