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Confused about Showing Income under HUF: Is Gifting Income a Solution?

Mihir

Mihir Tanna  |964 Answers  |Ask -

Tax Expert - Answered on Oct 14, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
PRAVEEN Question by PRAVEEN on Oct 14, 2024Hindi
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Sir, i created huf and pan got alloted. We are 3, wife and i are earning under 30% slab, male child is of 11 years. Heard that showing income under huf is tedious task. Me and my spouse chosen new tax regime but have 80c savings more than 2lacs. My doubt is can my father give gift of 4lacs to my huf and can i show that in itr with basic exemption 2.5lac and 1.5lac savings under 80c as new tax under huf dont have rebate upto 7lacs. Any reply is highly appreciated. Thanks in advance

Ans: Yes, for eligible deduction under old tax regime you can take benefit of basic exemption limit and 80C.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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