Gift by huf

subhash bajpai (Querist) 26 May 2012 This query is : Resolved
Dear Sir,
I m karta of my HUF. Can I gift 10000 shares to my brother from my HUF ? and whether the same will be exempted u/s 56 of Income tax Act?
Please revert back.
regards,
SUBHASH BAJPAI

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Nadeem Qureshi (Expert) 26 May 2012
Dear Querist
wait and watch may be some other expert solve your query

Suhail A.Siddiqui (Expert) 26 May 2012
Brother's HUF does not maintain blood relationshion with u. Only copasners can get Gift Tax free Gift.Brother out of his property(movable/immovable) can gift you any amount of gift which will be gift tax free. Since real blood relative are free from gift tax.

C. P. CHUGH (Expert) 27 May 2012
1. Yes you can make a gift from your HUF to any person including your Brother.

2. No since your brother shall be received Gift from Your HUF (A Jurisdictional Person) and not a relative within the meaning of section 40, he shall be liable to tax under section 56 of the act, if such sum of gift exceeds the specified limit of Rs. 50000.00

Adv C P Chugh
cpcservices@mail.com
+91-9971124526

Shonee Kapoor (Expert) 28 May 2012
I agree with Ld. Chugh

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Anirudh (Expert) 28 May 2012
Dear Mr.Subhash,
You say that you are the Karta of the HUF. Pl. indicate whether your brother is a member of the HUF or not.
That holds the key to your query.

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