can a member give mometary gift to HUF?
will income generated from gifted monetary asset will be clubbed in the income of the transferor member ?
Menu
HUF taxation
Replies (3)
There is no restriction for a HUF to accept gifts.
If a member of HUF converts his/her individual property into HUF property, the income from such property will be clubbed with the income of the Individual under Section 64(2).
thank you sir. Appreciate your quick reply.
one doubt is even though member has given monetary assets as gift to HUF still does it get clubbed with his income?
As in similar scenario giving gifts to parents doesn't involve clubbing of income, as I understand.
one doubt is even though member has given monetary assets as gift to HUF still does it get clubbed with his income?
As in similar scenario giving gifts to parents doesn't involve clubbing of income, as I understand.
I mean income generated by parents on monetary gifts given by son doesn't get clubbed with Son's income as I understand.
Recent Threads
- How to Increase Website Traffic Effectively
- Property value in 26QB
- Form 26QB Multiple Buyer/Multiple seller
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
Related Threads
CAclubindia
