creating capital for huf

Share
Share This Thread
  1. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

    sir
    my married son has formed huf with its member as himself and his wife. now my question is--

    I) can I give a gift of Rs 50000 to his huf. will it be a tax free gift if huf doesn't receives any further gift during the FY. whether PROVISION OF CLUBBING OF INCOME ACCCRUED FROM THIS GIFT WILL BE ATTRACTED.

    II) Whether Katrta or member of huf can also give gift to huf which will not be taxed subject to limit of 50000 in a fy and will not attract clubbing provision
     
  2. Dear Sir,

    1. as your son formed HUF, you are not the member of his HUF. so, your gift is taxable in the hands of HUF "IF total gifts are AGGREGATLY MORETHAN 50,000IN PY."
    and clubbing provisions will not attract

    2. yes. karta or member can also give and will not be subject to tax
     
  3. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

    Thanks a lot satya Raju ji, up to what limit karta can give gift to his huf ,without attracting provision of clubbing ?
     
  4. SUNNY NARANG

    SUNNY NARANG Member

    There is no limit.
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
creating capital for huf Income Tax Oct 3, 2016
Creating Capital for HUF - Gift by Uncle Income Tax Sep 23, 2016
Benefits of Creating HUF Income Tax Jul 30, 2015
Capital Gain Tax. Income Tax Today at 4:10 PM
Capital Gain on Residential Property- Co-Owner Income Tax Wednesday at 1:18 PM