Gift income in HUF

I am having HUF account with myself as karta,my wife and my son(major) as members.My father is planning to gift my son(his grand son) an immovable property.Can I show income generated from that property in my HUF account for income tax purpose?Should my father give the immovable property through gift deed form or WILL form?Which option is better?My son is unmarried.I request you to advise us about the correct procedure to be followed in this regard to get best possible optimum gain
Asked 4 months ago in Income Tax from Tirupati, Andhra Pradesh
Dear Sir,

Income generated from unmarried son's property cannot be shown in father's HUF.
Abhishek Dugar
CA, Mumbai
893 Answers
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As per your query there is no problem if it is through gift or will. In will the grandson will get the property only after demise of the Grand father. In gift deed he can get during the lifetime of the grandfather.

You can consider the same in HUF, there is no problem as he is also coparcner.
Shyam Sunder Modani
CA, Hyderabad
1064 Answers
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Hello Sir,

You cannot show income generated from the gifted property as the HUF Income. Gift deed is used when a person is alive and will comes into force only when a person passes away.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
886 Answers
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Hello Sir,

No It cannot be shown/ clubbed.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
886 Answers
5.0 on 5.0
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