I recently had my HUF account created. I am the karta of my HUF as well as a member of my fathers HUF. Now I want to know whether an HUF can receive any amount in gift from parents HUF's (HUF of father or HUF of grandfather).
Nirav Mehta (Student Others) (24 Points)
08 July 2015I recently had my HUF account created. I am the karta of my HUF as well as a member of my fathers HUF. Now I want to know whether an HUF can receive any amount in gift from parents HUF's (HUF of father or HUF of grandfather).
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 21 October 2015
Hello ,
I think it will be taxable.
In the following cases gift will not be charged to tax.
Gift received by HUF from its members are exempted but your father’s HUF is not a member of your HUF. .. dat y it will be taxable ….
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