WebHUF typically has assets that come from ancestral property, a gift, a property acquired from the sale of joint family property, a will, or property donated to the common pool by members of HUF. Members of the HUF All the members of a Hindu family, including wives, and children, their wives and their children can be a part of HUF. WebMay 26, 2024 · Their observation was, As per the provisions of the Act, gift from HUF to any member of the HUF is not exempt from taxable income. It is other way that the gift from member to the HUF is exempt from tax. The appellant contended that it is implied when …
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WebJun 20, 2024 · Replied 02 November 2024. For a HUF ( donee - receiver ), the member of the HUF being an Individual ( donor - giver ) is a relative for the purposes of Sec 56 (2). So the gift is a taxfree transfer. However, on a reading of Sec 64 (2), it seems that income generated from the shares transferred would be clubbed In the hands of the individual. WebOct 21, 2016 · In case of Hindu Undivided Family, a gift received by a HUF from its members is exempted from tax. Gifts received by a private company or partnership firm in the form of shares of a private company is also taxable if … razor wire whip
Huf gift to it
WebMar 28, 2024 · • Health Insurance: HUF can claim additional tax benefit of up to Rs 25,000 on Health Insurance premiums paid during the year for family members of the HUF. If the person is a senior citizen ... WebMay 21, 2024 · Although any gift received by the HUF from its members is non-taxable as per Section 56 of the Income Tax Act, 1961, the income accruing to the HUF from such a gift will be clubbed with the income of the member making the gift as per provisions of Section 64 of the Income Tax Act, 1961. WebNov 17, 2024 · From an income tax perspective, there is no restriction on giving gifts to members of the HUF and receiving interest-free loans from the HUF or the members of the HUF. Further, there should not be ... razor wire wheels