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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>H.U.F. Property Transfer to Trust Recognized as Gift; Falls Under Gift Tax Act, 1958 Provisions.</h1> A trust is recognized as a distinct legal entity. In a case reviewed by the Board, the Karta of a Hindu Undivided Family (H.U.F.) transferred properties to a trust for the benefit of his wife and children. The Gift Tax Officer initially determined that no property transfer occurred, thus no gift-tax liability was applicable. However, the Board clarified that such a transfer involves two separate entities-the H.U.F. and the trust. Therefore, if the transfer lacks adequate consideration, it falls under the provisions of the Gift Tax Act, 1958. Officers are instructed to note this legal position.
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