Punit Doshi (Student CA IPC / IPCC) (32 Points)
21 October 2015I am an IPCC student. I have a doubt. Is married daughter a member of his father's HUF? Or is she co-parcaner in her father's HUF?
Because if she's a member thn gift given by her to member of HUF will be exempt as she comes under the definition of relative.
But if she's co-parcaner, whether gift given by her will be exempt or not?
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 21 October 2015
Hello
Gifts received from specified relatives are exempt from Income Tax, and there is no upper limit also.
Daughter is included in the definition of relative, therefore amount received from her would be tax free.
Hi punit,
i think gift recieved by "individual or HUF" is non taxable if gifted by a relative. and the definition of relative includes daughter (doesnt matter if she is member of HUF or not)
anyway the gifter should be a relative ( theres no mention of HUF in the provision) and the receiver should be an individual or HUF
u should read section 56 of it act for more information.
Garlapati Satyanarayana
(CA Practice )
(39 Points)
Replied 21 October 2015
As per present hindu succession Act, Woman child is also a coparcener
Miss Rinkal
(Student)
(1309 Points)
Replied 21 October 2015
Female child like other children is a co-parcener as well as member of father's huf. However on marriage, she ceases to be member of father's huf but is still the coparcener In her father's huf even after her marriage. I. E she enjoys all the rights and benefits even after marriage just as a male child does
Miss Rinkal
(Student)
(1309 Points)
Replied 21 October 2015
@ Punit Doshi:
Your question is regarding gift given by a married daughter to huf or member of huf?
If it is wrt huf, then it will be taxed in the hands of huf. Whereas if you are talking wrt member of huf then you have to check it as definition of relative wrt individual and not member of huf
Hope you are able to get what I mean
Punit Doshi
(Student CA IPC / IPCC)
(32 Points)
Replied 21 October 2015
A big thankyou. Exactly what i was looking for!
CAclubindia
