can a member give mometary gift to HUF?
will income generated from gifted monetary asset will be clubbed in the income of the transferor member ?
Menu
HUF taxation
Replies (3)
There is no restriction for a HUF to accept gifts.
If a member of HUF converts his/her individual property into HUF property, the income from such property will be clubbed with the income of the Individual under Section 64(2).
thank you sir. Appreciate your quick reply.
one doubt is even though member has given monetary assets as gift to HUF still does it get clubbed with his income?
As in similar scenario giving gifts to parents doesn't involve clubbing of income, as I understand.
one doubt is even though member has given monetary assets as gift to HUF still does it get clubbed with his income?
As in similar scenario giving gifts to parents doesn't involve clubbing of income, as I understand.
I mean income generated by parents on monetary gifts given by son doesn't get clubbed with Son's income as I understand.
Recent Topic
- Gift recd from brother
- How to show Loan write off in DPT 3?
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
Related Topics
CAclubindia
