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Asked by Utkarsh on :Jan. 08, 2018

I have a HUF, it consists of me, my wife, my unma…

I have a HUF, it consists of me, my wife, my unmarried daughter and son. I want to gift my son's HU…

I have a HUF, it consists of me, my wife, my unmarried daughter and son. I want to gift my son's HUF which consists of him, his wife and children, about 15 lakh rupees.

Whether or not this gift will be taxable in the hands of his HUF.

Whether the income from such gift will be clubbed in my hands

0

Kanishka Jan. 09, 2018

1. This Gift will be taxable. Any gift by HUF to any member of the HUF is not taxable. Neither your Son nor your Son's HUF is a member in your HUF. However, if you really want to make this tax free, and you can (legally of course) and here is a hint:Gift from HUF to any member of the HUF is exempt. Also, gift from parents to Son is exempt. So, all you need to do is First gift the amount from your HUF to you or your wife. Then gift the same to your Son( not son's HUF)2. No. The income will not be clubbed in the hands of your HUF because it is taxable in the hands of your Son's HUF.

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