Can karta Gift Money to its HUF
This query is : Resolved
21 September 2021
I am Karta of my HUF, I want to contribute more than 50 Lac to my HUF, can I do that and is it taxable, please share section reference if allowed.
21 September 2021
Yes, karta or any member of HUF can gift any amount to their HUF, without any tax liability.
As the gift received by HUF from its member/s is tax free u/s. 56(2) of IT act.
As the gift received by HUF from its member/s is tax free u/s. 56(2) of IT act.
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