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Huf tax implications

Shubham Singhania (Student CA Final ) (293 Points)

03 June 2017

Gift received by Karta from his Grand parents is not taxable in his own hands and what tax implications will be there if same amount is employes in his HUF ?

Read more at: /experts/huf-2483414.asp

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 03 June 2017

Gift received by HUF from the relatives of members of HUF is tax-exempt, because relatives of individuals are relatives of HUF (vide some courts judgements)

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Shubham Singhania (Student CA Final ) (293 Points)
Replied 03 June 2017

THANKU SIR..

and amount received from wife to huf ?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177824 Points)
Replied 03 June 2017

Any member can gift or donate reasonable amount to HUF, for the benefit/walfare of the family. In case its sizable amount, specifically donated to transfer tax liability of any member, AO can implicate clubbing provision.

Shubham Singhania (Student CA Final ) (293 Points)
Replied 03 June 2017

sir if the gift amount is transfered then gift wa never taxable in the hands of karta or member as it was received from RELATIVES so the is no point of transfer of tax liability right ?

so my question is is that amount or property will be taxable if huf receive amount from karta or its member for no consideration.