Clubbing Provisions

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  1. CA Sandesh Bharuka

    CA Sandesh Bharuka New Member

    Gift received by HUF from it's members are not taxable. But whether the same amount received on which any income is earned by HUF is clubbed in the hands of members who has gifted the same amount???
    I can find clubbing provision for immovable property as per section 64 of IT Act. But in my client's case his HUF received amount by cheque as a gift from its members. So, income earned on the amount received by HUF is clubbed in the income of it's members or not?
    Please reply with illustration / any case law if available.
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