Marriage gift to be classified under which section-

to form or create a HUF i have to recieve a gift from my relative(my father) to from corpus or base capital of my HUF account. and have a bank account in name of my HUF.both have been done by me.now which ITR should i file for my HUF as it is formed by a gift by my father.and i have tio show it as inc ome under what head.is it income from other source?

sec.47(iii),Tanfer of capital asset under gift/will/Irrevocable Trust is not considered as transfer and not chareable to capital gain tax.

this gift is not taxable. Because Gift upto Rs. 50,000/- are not taxable

if u have any income then show and file ITR accordingly.

Individual cannot give gift to HUF but in some recent judgements ITAT's have accpted the same and allowed the gifts to HUF by the members of HUF

Ok but i have to file my ITR for HUF which has been formed this year and that gift was the only base for my HUF.so which ITR and income under what head?is it income from other source?

without income what u show in your ITR

as per your professional code of conduct your cannot do business

u can have only rental income, intt income and etc

you can also show your income which is not totally professional

gift is not taxable at all

Hi.., Can any one suggest me some gifts. I would like to present to my parents on their marriage day. Any kind of suggestions are greatly accepted. Thanks in advance.

four leaf clover charms
good luck charm bracelets