Gift income in HUF

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 8 years ago in Income Tax

can income generated from unmarried son's gifted property can be shown in his father's HUF account for income tax purpose?

Asked 8 years ago

Dear Sir,

Income generated from unmarried son's property cannot be shown in father's HUF.

Abhishek Dugar

CA, Mumbai

3576 Answers

183 Consultations

Talk to Abhishek Dugar

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

1409 Answers

164 Consultations

Talk to Shyam Sunder Modani

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.