Gift by HUF to its Member

 

It is very well possible for the HUF to make gift to any member of the HUF to reasonable extent with the consent of the members/coparcener. In case of gifts to members of the HUF, it is advisable to have the gift deed drafted in such a way so as to incorporate the consent of all the members in the gift deed itself so that there is no problem in the future challenging of the gift from the members themselves. In this regard, the Punjab & Haryana High Court in Raghbir Singh’s case (1958) 34 ITR 719, held gift to the spouse of Karta to be valid primarily because the son, the only other coparcener had no objection to it.


A draft of such a gift is given herein below:-

DECLARATION OF GIFT

I, DDR, Karta of DDR HUF, residing at Chowringhee Road, Kolkata 700 071 do hereby solemnly affirm and declare as follows:

  1. That out of natural love and affection, I as a Karta of DDR HUF made an absolute and unconditional gift of Rs 100000/- (Rupees one lac only) to Miss CDR, my daughter and coparcener of the family in order to maintain and educate her.

  2. That the said gift was made out of the funds belonging to DDR HUF exclusively.

  3. That the said gift was made by Cheque No. 444444 dated
    11/08/2011 drawn on State Bank of India, Burra Bazar Branch.

  4. That Miss CDR accepted the said gift by signing the acceptance on this gift1deed.

  5. That the said gift was made after obtaining consent of all the members of the HUF who have also signed this gift as a token of acceptance of the gift being made herein.

  6. That the HUF shall have no right, title, interest, claim or demand whatsoever into or upon the said gifted money or any part thereof any time hereinafter.

  7. That DDR HUF is assessed to Income-tax vide PAN NO. AECPT9561H

  8. That the statements made hereinaboye are true to the best of my knowledge and belief.

Declared at Kolkata

This 21st, day of April, 2014

ACCEPTED

(DDR)

DECLARANT

WITNESS AND CONFIRMATORIES TO THE DEED

1.

2.

3.

MORE TOPICS ....

HUF -  Capital Gain Account
HUF -  Deduction from HUF Business Income
Income Derived From Funds Of HUF -Whether Individual Income Or Family Income
Gift by HUF to its Member
Gift To Minor Daughters Out Of HUF Property Prior To Marriage
Gift of HUF Property to Stranger or to any Person who is a Alien to HUF
Clubbing Provisions In Case Of Gifts Received By HUF
Applicability of Clubbing Provisions in case Karta of a HUF is a Partner in a Firm
Gifts received by HUF from Aliens / Strangers
HUF - Investment Options
Concept of Multiple HUF’s
Whether a Single Member can Constitute a HUF ?
Whether any Limit is placed on Number of Members of a HUF ?
Whether HUF- Can Be Constituted with only Female Members ?
Drawings / Expenses of HUF
Whether HUF can be a Shareholder / Subscriber to the MOA ( Memorandum Of Association)  of a Company
Whether HUF can be a Member of a Cooperative Society ?
Whether HUF can be a Partner ?
Can KARTA of a HUF enter into Partnership with another Member of HUF ?
Can There Be A Partnership Between Two HUFs?
Effect Of Death Of Karta In Case Of Partnership Firm
Whether HUF Can Be A Proprietor ?
Whether HUF Can Be A Trustee / Settler ?
HUF - Aliyasantana Law
HUF - Marumakkattayam Law
Power of KARTA in relation to HUF
Managing Members in relation to HUF
Whether a Female can become a Karta ?
Tax Planning TIPS for HUF
HUF - Meaning Of Important Term- “Ancestral”
HUF - Meaning Of Important Term- “Stridhan”
HUF - Meaning Of Important Term- “Mitakshara”
HUF - Meaning Of Important Term- “ Dayabhaga”
Meaning of the term ‘Coparcener’ of HUF
Power of ‘Coparcener’ of HUF
Difference between a ‘Coparcener’ and a ‘Member’
Whether Husband / Wife Can Constitute A HUF ?
HUF - RECOVERY PROVISIONS
‘Maintenance of Accounts’ by HUF
‘Audit of Accounts’ by HUF
Applicability Of The ‘Accounting Standards’ On HUF
Whether Merger Of Two HUF is Possible ?
Residential Status of the HUF under I.T. Act.1956
‘Coparcener Property’ under HUF
 
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