Huf

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Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2014 hi i want to know whether Huf can take gifts from relatives & gift will be exempt from tax or not

TKKKKKK

TKKKKKK (Expert)
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26 April 2014 Yes, gift from relative by HUF is exempt. There is no ceiling limit and entire sum or property received shall be exempt. Please see the relative definition first.

Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2014 thanks for reply taranum, please clarify my i have read somewhere that huf can't have relatives. If father have huf account & earning income & son have huf account & earning income both have to file itr seperately or their income will be merged.

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TKKKKKK

TKKKKKK (Expert)
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28 April 2014 https://www.caclubindia.com/articles/all-about-huf-its-creation-and-tax-benefit-17879.asp#.U13lZKiSypc

I think this will help u

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2014 thanks taranum.........@

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2014 http://www.taxmann.com/TaxmannFlashes/Articles/flashart13-7-11_DTL_1.htm?aa=

Hi Taranum please read that, i am confused after reading that regarding gift from relatives are exempt or not for huf.

Querist : Anonymous

Querist : Anonymous (Querist)

28 April 2014 file:///C:/Users/harshit.chauhan.EFFECTUAL/Downloads/Section%2056%282%29%28vi%29%20%20%20Gifts%20received%20from%20Friends,%20Relatives%20or%20from%20NRIs%20could%20be%20Exempt%20from%20Income%20Tax%20!%20How.htm

Hi Taranum please read that also in this also mentioned huf can't have relatives.