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Can I File ITR for Previous Years Showing Gift Income/Year as Tax Exempt?

T S Khurana |479 Answers |Ask -Follow

Tax Expert - Answered on Apr 09, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by PRAVEEN on Apr 06, 2025Hindi

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Sir, we were married in 2012, but recently opened huf pan. Now I have to file itr. My doubt is can I file itr for previous years showing 2,50,000 gift income/year as It is tax empemt? Also we received gifts of few lakhs between 2012-2024 during marriage and functions. Can we show that funds as huf capital now after pan creation. Huf incorporation date as per pan is 29/03/2012. But pan issue in 2024 october

Ans: 01. Kindly note that only Gifts received at the time of marriage are exempt for Individuals & not HUF. You can claim any gift as marriage gift only in the year of marriage & not at any later stage.
02. Gifts received on other functions are not exempt, unless received from relatives.
03. Gifts received should preferably be through banking channels. This shall prove authenticity of the gift.
04. Gift from any member of the HUF to HUF is exempt & is not taxable in the hands of HUF.
05. You cannot claim that Gifts received by you or your spouse in previous years, belong to HUF, since you have not transferred the amount to HUF account in due course.
06. Before proceeding further, please check, for how many years you can file your ITRs ?.
Most welcome for any further clarifications. Thanks.

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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Question by PRAVEEN - 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.

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Question by PRAVEEN - Oct 15, 2024Hindi

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Sir, i got huf pan. But heard that corpus building is tedious task as any gift amount above 50,000 is taxable. For huf basic exemption limit is 3 lacs in new tax regime. So, can i take 3 lacs gift from my father and show under huf exemption limit in itr as income? Thanks in advance. Any reply is highly appreciated.

Ans: 01. Your father can gift you Rs.3,00,000.00 without any tax implications.
02. You may in turn, gift the same amount to HUF, again without any tax implications. It has no connection with the Income or Basic Tax Exemption Limit of HUF.
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Question by PRAVEEN - Nov 09, 2024Hindi

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Sir how to disclose loan amount in itr2 of huf. I mean under which section? And how to show repayment made to karta in his itr? Is it again treated as income of karta although it doesnt have any interest part.

Ans: 01. Loan amount need not be shown in ITR, only Interest charged, if any, should be declared as Income in ITR of Karta.
02. Again repayment of loan need not to be mentioned in ITR, but only through banking channels, so that in case of any enquiry by the department, it can be referred.
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