Creating Capital for HUF - Gift by Uncle

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  1. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

    sir
    can any relative (real uncle) of any member of huf is allowed to gift Rs one lakh or more without subjecting it to tax and without attracting provision of clubbing
     
  2. SUNNY NARANG

    SUNNY NARANG Member

    Dear

    Before conclusion we need to understand definition of relative under income tax :

    Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
    (i) spouse of the individual;
    (ii) brother or sister of the individual;
    (iii) brother or sister of the spouse of the individual;
    (iv) brother or sister of either of the parents of the individual;
    (v) any lineal ascendant or descendant of the individual;
    (vi) any lineal ascendant or descendant of the spouse of the individual;
    (vii) spouse of the person referred to in clauses (ii) to (vi)

    Everywhere they have linked with individual not with HUF. So any gift received by HUF from uncle would be taxable if amount received during the year Exceeds 50000.
     
  3. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

     
  4. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

    sir,
    In your earlier reply to my query that --
    I) up to what limit can a karta or member make gift to their huf without subjecting It to tax and without attracting provision of clubbing it was replied that there is no limit.
    I am still in doubt because as per section 64(2) of IT act'" if karta or member converts their property in to huf property then income derived would be considered as income of individual.
    you are requested to opine in light of above again please.
     
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