Opinion Of Eminent Legal Luminaries On Controversial Issues

Income from other sources- Gift to HUF by uncle

QUERY: Can I accept gift from my father's own younger brother for my HUF consisting of myself, my wife and children?
ANSWER: There is no restriction from accepting gift from your real uncle (your father's younger brother) for your HUF consisting of yourself, your wife and children, but the same would be taxable in the hands of your HUF. Section 56(2)(vii) exempts gift received from any member of HUF. As your uncle is not a member of your HUF, gift received from your uncle by your HUF is taxable.
EXPERT:
SECTION(S):
GENRE:
CATCH WORDS:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Credit: Several of the queries and answers are reproduced with permission from the AIFTP Journal. We thank AIFTP for generously allowing us to host their research material.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org