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Transfer from huf

harshita anchaliya (11 Points)

09 June 2020

is there any way to take gift from brother's huf without being taxed??

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3 Replies

shadab shaikh (133 Points)
Replied 09 June 2020

Do total or part partation of HUF(brother) and the asset received from huf to your brother will not be taxable as per section 47(1) and after the asset is received by brother transfer it to yourself by way of gift to relative as TRF of asset by way of gift to relative is not taxable

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harshita anchaliya (11 Points)
Replied 10 June 2020

Thanks

Shardul Patel (10 Points)
Replied 16 June 2020

If HUF gives gift to anyone then it will be considered to be partial partition. It is advisable to take loan from HUF and return it once purpose is served.