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GIFT TO HUF
Buying property abroad for your NRI child? Know how much Indian parents can transfer and the tax implicationsNavigating overseas property purchases for NRI/OCI children can be complex for Indian parents, entangled in regulations like FEMA and RBI's...- Can you save tax by gifting money to your HUF? How Section 99 changes the tax equationMoney or property gifted by a member to an HUF may not be taxable in the HUF’s hands because of the “relative” exemption. But the tax conse...
- Can NRIs gift money to an HUF and save tax? Check these income clubbing and tax rules before transferring fundsNRIs have the opportunity to gift money to their Hindu Undivided Family (HUF) without incurring immediate tax obligations. However, it's im...
- Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT MumbaiWife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai ...
- Confused about ITR forms? Here's how to pick the correct ITR for AY 2026-27Choosing the right Income Tax Return form for AY 2026-27 depends on income sources. ITR-1 now allows reporting income from two house proper...
- ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report themIndia's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percen...
- Children can not have birthright to father’s self-acquired property even if he got it via gift, Will, family arrangement or partition in this case; Know what Mitakshara Hindu law saysA recent ruling clarifies children's birthright in inherited property. Mitakshara Hindu law states self-acquired property does not grant au...
- Income tax on gifts: Received cash, property or shares? You may have to pay tax and report it in your ITR in these casesGifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain values become taxable under specific ...
- Lady with Rs 3.4 lakh annual income gets a Rs 33 lakh property via gift deed; tax dept sends notice; she wins in ITAT DelhiThe Income Tax Appellate Tribunal (ITAT) Delhi ruled that property received through a Hindu family settlement is not a taxable gift. The tr...
- House property received by an individual as a gift is taxable in these situationsGifting property to close family isn't taxed for the recipient, but rental income tax depends on the relationship. Gifts to spouses or daug...
- No income tax for gifts received by individuals in these seven situationsThe Income Tax Department explained the tax implications of monetary gifts for individuals and HUFs, referencing Section 56(2)(x) of the In...
- Zerodha's Nithin Kamath draws attention to a lesser-known income-tax saving methodNithin Kamath, the billionaire co-founder and CEO of Zerodha, highlighted the benefits of the Hindu Undivided Family (HUF) through a post o...
- Private Trusts Vs HUFs: Which suits your needs to pass on assets to legal heirs?Will, gift deed, private trusts are some of the most commonly used methods that an individual can use to pass on the assets to his/her fami...
- After death of karta in the Hindu Undivided Family (HUF), can his wife become a karta?Readers' estate planning queries answered by Raj Lakhotia, Founder, Dilsewill.
- How to transfer money received by a nominee to legal heirsReaders' estate planning queries answered by Raj Lakhotia, Founder, Dilsewill.
- How to distribute wealth among your legal heirs in a tax-efficient mannerThere are different ways using which an individual can distribute his/her wealth among legal heirs. These include nomination, will, gifting...
- Taxes you have to pay when you get a giftWhile gifts from certain people or presents received on certain occasions are non-taxable, you will have to pay a cut to the taxman at othe...
- Query Corner: TaxationOur expert guides you in matters relating to tax. Email to etquerytax@indiatimes.com.
- How to use HUF for as a tax planning toolThe Hindu Undivided Family structure is a great tax planning tool that can divide your tax liability and multiply the benefits. Find out ho...
- Form HUF in three stepsUse a capital asset to establish the corpus of the HUF. This can be ancestral property, assets gifted by relatives and friends, or received...
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