Huf
This query is : Resolved
28 November 2014
According to Sec 56, a HUF can receive gift from any of its member, since member of HUF is considered to be a relative in Income Tax Act 1961.
Can a HUF give taxfree gift (movable / immovable) to any member of HUF?
Can a HUF give taxfree gift (movable / immovable) to any member of HUF?
Rupesh Jain
(Expert)
28 November 2014
GIFT WILL NOT TAXABLE BUT INCOME FROM THE GIFT WILL TAXABLE IN HAND OF HUF.
28 November 2014
But clubbing provisions u/s 64(2) states that if gift is made by individual to HUF and if any income arises out of that then clubbing would be made in the hands of individual.
Rupesh Jain
(Expert)
29 November 2014
this section tell the clubbing of income arise from the gift. gift is not taxable .
yes it is correct. as 64(2)
yes it is correct. as 64(2)
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