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Can HUF give Gift to its members?

Started by Bhumin, August 07, 2012, 03:21:56 PM

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Bhumin

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

satyanveshi

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.

camanojgupta

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)

pawansingla

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.

camanojgupta

u have read the amendment wrongly. The amendment provides that an HUF can accept gift from its members.