Huf - gift tax
Querist : Anonymous
However, there are a few problems with your query.
First, how can the son form a HUF when his father is still alive. The father shall be the karta being the eldest male member (assuming the father does not have an elder brother).
Second, where a member of a HUF transfers property to his HUF, clubbing provisions are attracted and income from such property is taxable in the hands of the member.
Querist : Anonymous
A son can form his HUF after his marriage eventhough his father is still alive.
My query was whether a father can gift property to his son's HUF without attracting the provisions of Section 56(2)(vii)
Anyway please tell me the nature of property being gifted... If it is not coming within the definition of Property given under the explanation (d)...
.
Rajkot tribunal has given a judgement in favour of the assessee. It has been stated in the judgement that HUF is a group of persons. Father is relative of every member of Son's HUF. Basically the gift is being received by a group of Individuals(HUF) from a relative. As such it is exempt.
Querist : Anonymous
Thanks. I have found a judgement of the Rajkot Tribunal. VINEETKUMAR RAGHAVJIBHAI BHALODIA
C/O SAMAY ELECTRONICS PVT LTD AT
VIRPUR, RAJKOT-MORVI HIGHWAY MORBI
PAN NO:AFPPB6969M
Vs
INCOME TAX OFFICER
RAJKOT WARD-5(4), MORBI
However, this judgement relates to the gift taken by the assessee from the HUF.
Can you please give the citation of the judgement which says that Father is relative of son's HUF. It will be very helpful.
regards
Querist : Anonymous
Thanks. I have found a judgement of the Rajkot Tribunal. VINEETKUMAR RAGHAVJIBHAI BHALODIA
C/O SAMAY ELECTRONICS PVT LTD AT
VIRPUR, RAJKOT-MORVI HIGHWAY MORBI
PAN NO:AFPPB6969M
Vs
INCOME TAX OFFICER
RAJKOT WARD-5(4), MORBI
However, this judgement relates to the gift taken by the assessee from the HUF.
Can you please give the citation of the judgement which says that Father is relative of son's HUF. It will be very helpful.
regards
.
If an Individual is relative of HUF this only requires to be established. Gift may flow in either side as the relationship flows.
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