01 March 2023
There are two HUF. Ram HUF and Ravi HUF. Ravi karta of Ravi HUF is also a member of Ram HUF. Ram karta of Ram HUF passes away. The gold jewelry of Ram HUF transferred to Ravi HUF. Ram grandfather and Ravi his grandson. Is it taxable under income tax. Can the experts throw light on such a transaction please....
01 March 2023
Ram HUF & Ravi HUF are different assesses having different PANs, hence any gift from one to another will be taxable. If Ram HUF gets dissolved, and as such if Ravi HUF gets inheritance, it will be tax free.
01 March 2023
Ram, karta of Ram HUF passed away. Can the other members of thid HUF give an affidavit stating that the HUF is dissolved and the gold jewellery goes to Ravi HUF, who is the grand son of Ram? Kindly clarify sir....
01 March 2023
Even when karta passes away, HUF subsists. Next eldest coparcener can continue to be karta of Ram HUF. Once Ram HUF is dissolved by way of family settlement deed, Ravi HUF can get its share without any tax liability.
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