Q.I am 80 and my wife is 72 years old. Can we receive a gift of Rs.15 lakh each from our two granddaughters? Is there any tax liability or clubbing of income involved? — B.K. Banka Yes, you and your spouse can receive equal amounts of Rs.15 lakh in your respective accounts as gifts from your granddaughters.
As your granddaughters are your lineal descendants, the gift will be exempted from tax under the Income-tax Act, 1961, since they qualify as relatives under the law. Therefore, regardless of the gift amount, there will be no tax liability for you as far as this transaction is concerned.Q.In case of the death of a karta in the Hindu Undivided Family (HUF), can his wife become a karta if their child is unmarried and cannot take over as karta, or if the HUF is dissolved? Also, how can we safeguard our property against the child’s future wife in case the marriage doesn’t work out and she claims a right to the property? — S. Redkar According to the Act, wives and daughters-in-law are considered members of the HUF, not coparceners and, hence, they are ineligible to become a karta.
If the karta passes away, leaving behind only his wife and minor children, the wife can act as a manager of the HUF till the oldest child reaches the age of majority. This allows her to manage the business, maintain property, and file taxes, but she is not authorised to sell or borrow against the HUF assets.
Any female who joins the family and HUF by virtue of marriage is considered to be a member of the HUF, who does not hold any right to claim.Q.I need clarification on how to acquire my maternal grandparents’ property. My grandparents had a lot of properties, but they sold one property after 2005 without my mother’s signature by saying that
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