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Ask your queries or reply to others' queries => Discussion => Topic started by: Bhumin on August 07, 2012, 03:21:56 PM

Title: Can HUF give Gift to its members?
Post by: Bhumin on August 07, 2012, 03:21:56 PM
Dear All,

I have query regarding Gift by HUF Issue:

Can HUF give gift to Male member at the time of His marriage?


Awaiting quick Reply from you all.

Thanks &  Regards,
Bhumin Mehta
Title: Re: Can HUF give Gift to its members?
Post by: satyanveshi on August 08, 2012, 07:38:14 AM
The question framed is not clear. If HUF gives a gift to its members the others donot have any right to object for that. If your query is as to what are the incometax implications when a gift is received by a member of HUF from the said HUF, then the answer is that there are no tax implications as per the ITAT decision reported in 46 SOT 97.
Title: Re: Can HUF give Gift to its members?
Post by: camanojgupta on August 08, 2012, 07:57:01 AM
No problem this can be done. No tax liability as per decision in Vineetkumar Raghavjibhai Bhalodia v. Income Tax Officer (2011) 40 (II) ITCL 2 (Rajk-Trib)
Title: Re: Can HUF give Gift to its members?
Post by: pawansingla on August 08, 2012, 03:08:55 PM
Act has been amended to include HUF in list of relatives from finance Act , 2012.Kindly check.This amendment was brought in to support /based on the jdugement of Rajkot tribunal.
Title: Re: Can HUF give Gift to its members?
Post by: camanojgupta on August 08, 2012, 08:17:09 PM
u have read the amendment wrongly. The amendment provides that an HUF can accept gift from its members.
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