Dear friends.
Whether gift taken by HUF from KARTA OR FATHER OF KARTA is exempted??
thanx and regards
4 Replies
mannu
(1/2 CA)
(589 Points)
Replied 15 February 2012
gift of what??
eg share, immovable property,cash
CA Hardik Bunha
(self)
(2121 Points)
Replied 15 February 2012
it is not exempted. because rule of clubbing provision will be applicable. It will be taxable in the hands of karta. in the case of HUF other than karta, gift can be taken and deemed as exempted.
CA Sneha Varaiya
(Chartered Accountant)
(60 Points)
Replied 16 February 2012
I agree with Hardik's view but in addition to what he told- Gift received from father of Karta has to specifically say (in proof by letter) that such Gift is for benefit of HUF
Vinay
(Student)
(25 Points)
Replied 21 February 2012
Can you please clarify that say suppose a person other than Karta has gifted some cash or property into HUF,the income accruing on this gifted asset
Will it be clubbed ,If yes then clubbed with karta or the other member ?
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