Thank you very much for your valued opinion about the Gift.But,your answer to the second part of my query is not clear, in the sense,Can father become a member of his son's HUf? If not,Will the gift made by him to his son's HUF ( Recipient )be an exemted income u/s 56 of the Act? Please clarify.
22 October 2013
A father can be a member of Son's HUF if the Son is karta of the HUF.. However, If father is the relative of the HUF, then section 56{2}{vii}does not attract and gift is not taxable in the Hands of HUF...
10 October 2021
No. Father cannot be member of SON HUF. Gift given by father to SON HUF would be tax free upto the limit of Rs. 50000/- If given more, total amount will be taxable (to SON HUF).
CAclubindia
