Gift to huf

sewa ram jain (Querist) 06 August 2013 This query is : Resolved
IF FATHER GIVES GIFT TO HIS SON'S HUF EITHER BY GIFT ITSELF OR UNDER WILL BEING LIVE IS TAXABLE IN THE HAND OF SON'S HUF.
S.R.JAIN/MEERUT/6-8-2013

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Rajesh Thakker (Expert) 06 December 2013
Yes. Now section is amended under the Income-tax Act that the relative of the coparcener of the family can gift to the HUF and same will not taxable under the head Income from other sources.

Anirudh (Expert) 06 December 2013
Dear Mr. Rajesh,
Can you please indicate as to which Section of the I.T. Act provides so.

Rajesh Thakker (Expert) 06 December 2013
Dear Mr. Anirudh,

Please refer sec 56(2)(v) of Income-tax Act.

Anirudh (Expert) 06 December 2013
Dear Mr. Rajesh,

I referred to Sec. 56(2)(v) of the I.T. Act, but I do not find any mention of "the relative of the coparcener of the family can gift to the HUF" as indicated by you in your answer.

Can you clear my doubt, if you don't mind.

Anirudh (Expert) 06 December 2013
Dear Mr. Rajesh,

In any case, that provision is only for the period 1.9.2004 to 31.3.2006.

Therefore, the said provision would not apply to the case of the querist.

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