POSTED BY February 13, 2013 10:38 pm COMMENTS (3)
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I am a salaried individual in 30% income tax slab. I want to know can I gift money to my HUF for tax saving purpose. If yes, how much, in any financial year?
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Thanks a lot for the reply.
Dear Gaurav, you may gift to your HUF but the taxable income genertated from the HUF ‘ll be taxable in your own name under clubbing provisions of section 64. So from tax saving point of view, this gifting by you is not a good Idea sir ji. 🙂
Thanks
Ashal
Dear Ashal,
Just need one clarification.If the HUF invests the amount gifted by the Kartha in Shares or MF for more than a year and then uses it for other investments,will the clubbing provisions of section 64 still come into play.
Regards,
karthik