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Mihir Tanna |819 Answers |Ask -Follow

Tax Expert - Answered on Jul 06, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Dilipkumar on May 28, 2023Hindi

Money

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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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.

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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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