Table of Contents
Can individual gift property to HUF?
If any property is gifted by any member to HUF it will be tax free, but any income from such property will be deemed to be considered as income of the member as per clubbing provisions of Income tax (Section 64).
Is gift of immovable property taxable?
According to income tax laws, the value of all the gifts received by a person during a year is fully exempt, as long as the total of such gifts does not exceed Rs 50,000 in a year. If the house property is received as a gift from a relative, the first incidence of tax will arise, when you sell the property.
Who is the owner of HUF property?
All the assets of an HUF are owned collectively by all the members. As the share of each of the members in the HUF assets fluctuates with death and birth in the family, no member can predicate his specific share in the HUF property till a partition takes place.
How can I transfer ancestral property to HUF?
Any ancestral property received on death or partition would be HUF property in the hands of the male recipient. Once properties are received as Corpus of the HUF, the best way would be to affirm the above facts on an affidavit so that the intention of the person to this effect is confirmed.
Can Karta give income to HUF?
Yes. The Karta and members of a Hindu Undivided Family (HUF) can gift their personal income to the HUF. And, there is no limit on the amount of such gift. Moreover, there is no tax applicable on such gift.
Are gifts received from HUF members taxable under Section 56?
Since members of the HUF are treated as relative of the HUF, the gifts received from the members will not be taxable under Section 56 (2) at the time of receipt of the gift but the gifts received from non members shall become fully taxable if the aggregate of all gifts received by the HUF during the years exceeds Rs. 50,000.
Can a gift be given to a HUF?
The amount so transferred by way of gift can be in the form of cash, jewellery or any movable property or also in the form of any immovable property. There is no tax on such gift if the gift is given to the HUF by the Karta or any member of the HUF.
Can a HUF give away its property (movable/immovable)?
• Can a HUF give away its property (movable/immovable) by way of gift? Although children acquire by birth rights equal to those of a father (Karta) in an ancestral property, both movable and immovable, the father has the power of making, within reasonable limits, gifts of ancestral movable property without the consent of coparceners.