diff --git a/rest_framework/generics.py b/rest_framework/generics.py
index 14feed204..4d909ef1c 100644
--- a/rest_framework/generics.py
+++ b/rest_framework/generics.py
@@ -356,8 +356,13 @@ class GenericAPIView(views.APIView):
                 self.check_permissions(cloned_request)
                 # Test object permissions
                 if method == 'PUT':
-                    self.get_object()
-            except (exceptions.APIException, PermissionDenied, Http404):
+                    try:
+                        self.get_object()
+                    except Http404:
+                        # Http404 should be acceptable and the serializer
+                        # metadata should be populated.
+                        pass
+            except (exceptions.APIException, PermissionDenied):
                 pass
             else:
                 # If user has appropriate permissions for the view, include