WebJan 28, 2015 · However, the question still remains whether an HUF can give a gift to its member exceeding Rs. 50,000/-without making the member liable to tax U/S 56(2). In … WebA female member cannot blend her separate property with joint f amily property but she can make a gift of it to the HUF. Pushpadevi v. CIT 109 ITR 730 (SC). A female member can also bequeath her property to the HUF, CIT v. G.D. Mukim, 118 ITR 930 ( P & H ). G. BRANCHES OF HUF : An HUF can have several branches or sub-branches.

Partition of HUF under Income Tax Act - Learn by Quicko

WebAug 27, 2015 · Taxable Income of HUF: As mentioned above, HUF is completely separate entity from its members. So the income which is brought to the common pool of the HUF by its members or the income generated ... WebMar 28, 2024 · • Health Insurance: HUF can claim additional tax benefit of up to Rs 25,000 on Health Insurance premiums paid during the year for family members of the HUF. If the person is a senior citizen ... free teacher of the year certificate template

All about HUF and Its Taxability - TaxGuru

WebApr 25, 2024 · Although a HUF cannot form a Public Provident Fund (PPF) in its own name, it can claim tax benefits for money put in the PPF accounts of its members. Gifts up to the value of INR 50,000 will be tax-free. A father with a HUF account can give a higher-value property or money to a son with a smaller HUF account, but he must declare that the gift ... WebIt is very well possible for the HUF to make gift to any member of the HUF to reasonable extent with the consent of the members/coparcener. It will not be taxable in the hands of members. Members will have to show it in their income tax returns. In case of gifts to members of the HUF, it is advisable to have the gift deed drafted in such a way ... WebMay 26, 2024 · In case of HUF, all members would be considered its relative. But as per Section 64(2), the income earn from this gifted property will be considered as income of … free teacher pay teacher login