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Gift to huf from member

shruti Agrawal (Chartered Accountant) (44 Points)

18 December 2015

Can any individual make a gift to a HUF in which he is a member. Will it be under tax liability. OR Can he make a gift to his father's brother HUF. Will it be under tax liability.

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5 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 18 December 2015

Gift to HUF by its member is not taxable
Gift (exceeding Rs.50,000) to any other HUF/person in which such person is not a member shall be taxable as it is not covered under exemption.
For details: https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=

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Ankit Taprania (CA FINAL ) (542 Points)
Replied 18 December 2015

agreed , any gift to HUF by member is not taxable .

But gift of amount exceeding 50000 to other HUF is TAXABLE as not covered in defination of relative u/s 56(2)(vii).

Vishal Goel (Chartered Accountant) (1688 Points)
Replied 19 December 2015

Originally posted by : Poornima Madhava
	Gift to HUF by its member is not taxable Gift (exceeding Rs.50,000) to any other HUF/person in which such person is not a member shall be taxable as it is not covered under exemption. For details: https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=

Agree with Poornima

Aravind (student ) (48 Points)
Replied 19 December 2015

No gift by member of huf to huf is exempted from tax

CA Prashant Nariya (CA) (49 Points)
Replied 19 December 2015

Gift by an idividual to HUF in which he/ she is member is not taxable, even if value of gift exceed rs.50000. In case gift given by n individual to any other Person/ huf then it is taxable..