Gift to huf
This query is : Resolved
19 May 2016
If any member of HUF made gift of Listed equity share to HUF then under which section this transaction is covered and whether or not this transaction is liable for tax.
and also if HUF sell this share in market then whether the amount will be clubbed in the hands of the member.
and also if HUF sell this share in market then whether the amount will be clubbed in the hands of the member.
20 May 2016
member may GIFT any amount to his/her HUF. The income shall be clubbed in the hands of donor.
20 May 2016
Dear Amol,
I want to know about the taxability of the gift of share and not the monetary amount..
the transfer of equity share is exempt in the hands of huf but what about the taxability of the member who is making gift
20 May 2016
that is what i said. The gift NOT taxable in the hands of member. The income from the said gift is CLUBBED in the income of that member.
20 May 2016
what about the applicability of the provision of capital gain when member gift equity share to huf
23 May 2016
income includes every sort of income.......capital gain also.
23 May 2016
dear Amol ji
when member transfer share to huf is member liable to pay capital gain on it
24 May 2016
As per your query, the member is GIFTING the shares and hence it is NOT capital gain. Transfer in relation to a capital asset as per Sec 2(47) of income tax act, although inclusive definition, does not include GIFT as transfer
24 May 2016
thanks Amol ji...
25 May 2016
you are most welcome.
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