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Mihir

Mihir Tanna  |1018 Answers  |Ask -

Tax Expert - Answered on Jul 06, 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 May 28, 2023Hindi
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Good morning Sir, I am Karta of HUF. Other members (coparcenors) are my two daughters and wife. Income of HUF is from agriculture and interest. My questions are (1) Whether all above members are eligible to receive tax free gift from HUF ? (2) Is it necessary to give same amount of gift to all members ? (3) Can HUF deposits amount to PPF account of wife and can HUF claim for 80CC benefit for that? (4) Can wife has equal rights in HUF as others ? I will be highly thankful to receive above answers.

Ans: Gift received by member from HUF is Income in the hands of Members, as gift received from HUF is not considered as relative (which is not an income).

Accordingly, question of giving same amount will not arise and if HUF deposit amount in PPF account, it will be considered as Income in the hands of member and member will not be able to claim deduction also.

All the members to HUF have equal rights in HUF.
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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