Dear sir/Mam,
If any HUF can raise capital of 2.5Lakhs which is below exemption limit in HUF account through gift from 5 persons(grand father ,Mother,Uncle aunty,any1 friend who is not a member or coparcner of HUF) each 50000 whether these should be filed in ITR with pan details or simply filing ITR and showing them in exempt income in ITR 2 is enough or without PAN is enough filling ITR2.Hope since 2.5L is below exemption limit it won’t be taxed in hands of HUF.pls confirm thank you @Surbhi_Pal
You can simply show the amount under exempt income while filing the ITR. There’s no need for PAN details of the members gifting the amount.
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Thank you for reply. If an elaborated topic regarding HUF partition procedure is available it will be helpful I have searched in NET but not available.
Hi,
IF HUF raise capital of 6 lakhs from Father as a gift, then will it be taxed in hand of HUF? here HUF is not having any fund…first time receiving 6 lakhs as gift from father…
any gift above 50000 will be taxable from whomever it may be for an HUF but if 6L is received from father to u directly it won’t taxed since gift from blood relation is exempted hope it clears
thank you.
Here 6 lakh gift is directly to HUF not to my individual account…then still its exempted? please clarify …
now after receiving gift – if this 6 lakh in HUF account is put it in FD then interest earned from FD will be taxable in HUF account or it will taxable in Father’s account who gave the gift…?
or suppose
if this 6 lakh in HUF account put it in ELSS then after if any capital gain arises in future then how would tax treatment?
6Lakh gift received by HUF is not exempted.
FD interest is taxable in the hands of your father since clubbing of income applicable since he gifted 6Lks to ur HUF if without any consideration.
And for ELSS also capital gain upto 1.25L is exempted for your father not for your HUF.
Clubbing makes a role here and against 6Lkhs wht ever way u get income it wil be taxed to ur father instead of HUF.
Hi,
Thank you.
Here you mentioned “if without any consideration” what does consideration means? How to find out that it is with consideration or without consideration.
Does any paperwork involves to make it “consideration”?
consideration here means whether you(HUF property/assets like GOLD,house,etc) are given to ur father against this 6Lakhs gift. if given it is considered as with consideration otherwise it is without consideration since ur initiation capital for HUF most probably you cannot show any consideration in ur case.