Can HUF give Gift to its members?

[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.