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Mihir Tanna  |945 Answers  |Ask -

Tax Expert - Answered on Dec 07, 2023

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
Dilipkumar Question by Dilipkumar on Jun 02, 2023Hindi
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Sir, I am Karta of HUF. My two daughters and wife are other members. I have following questions. 1) Can HUF give any amount of tax free gift to any of above members or gift should be distributed equally? 2) Is wife possess equal rights as other members of HUF ? 3) Can HUF deposit amount to PPF account of wife and HUF can claim for 80 CC deduction for above amount? I will be highly thankful to you by receiving guidence.

Ans: No, any amount received by member from HUF will not be considered as gift for income tax purposes.

Further, wife can become member of HUF but can't be coparcener of HUF to get share on partition of HUF.

Amount contributed in PPF is eligible for deduction u/s 80C. However, HUF can not claim 80C for amount contributed for the account held in the name of member.
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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