Huf

POSTED BY Raj. F ON March 8, 2012 1:52 pm ONE COMMENT

Dear experts,
kindly give your valuable advise on (a) whether any gift tax is payable on huf created by gift from father of spouse accompanied by gift deed written in name of huf? If yes, then can gift be reversed, should it be in the same FY? (b) If huf entity’s income is below 1.80 lacs, and individual members income is also below 1.80 lacs, is there any need to pay any tax or file a return by anybody? Kindly give your valuable opinion.
Thanking you,
Raj f

One reply on this article “Huf”

  1. Dear Raj, Gift Tax has long been abolished by Govt. of India. So no Gift Tax at all is to be paid by the HUF. Yes the gift ‘ll be treated as the income of the HUF & it ‘ll be taxed accordingly as per the total taxable income of HUF.

    If each individual member as well as HUF’s own income is below zero tax limit before claiming any decutions or tax saving benefit.s no need to file income tax returns.

    Thanks

    Ashal

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