creating capital for huf

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  1. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

    Sir,

    I have formed huf with its member as my wife and two son and me as Karta, ten yrs ago . Now my query is---

    i) can Karta or any member of huf make gift to huf which shall be tax free and not attracting clubbing provision. If yes than up to what limit ? As per section 64(2) if any individual converts his property into huf property ,then income derived would be considered as income of individual and not of huf

    ii) can any friend of member of a huf make gift to huf which shall be tax free and not attracting clubbing provision. If yes than up to what limit ?

    iii) can any relative of member of a huf make gift to huf which shall be tax free and not attracting clubbing provision. If yes than up to what limit ?

    iii) Gifts recd in cash at the time of marriage of my son ,can be shown as gifts of my huf ? if yes up to what limits and what supporting documents would be required to substantiate the validity..
    iv)My elder son got married recently, whether his wife can be added as member of my huf or not.
    v) In case my elder married son forms his own huf, he can continue as member of mu fuf as well? .
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    1) If Karta (or) any member of HUF coverts his property into HUF property,then clubbing provisions will apply and entire income shall be taxed in the hands of transferor.
    2) entire stamp duty value of the property shall be treated as gift in the hands of HUF and shall be taxable u/s 56(2)(vii).Here clubbing provisions will not apply.
    3)Same as above.
    4)In your son's hands,it is exempted.If your son gifts this to HUF,same provisions as above will apply.It is not possible to show this marriage gift in the hands of HUF.
    5)Don't know about this.It is subject to HUF law.
    6)Same as above.
     
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