cash Gift from HUF
This query is : Resolved
P.Senthilraja
(Querist)
24 September 2010
can a HUF Gifts cash more than Rs50000 to it's member ?. can we tell HUF and It's member as blood relation. Because all HUF members are blood relation.
CMA Arif Farooqui
(Expert)
25 September 2010
yes they can, because non relative can't be become member of HUF
P.Senthilraja
(Querist)
25 September 2010
thank you for your kind reply sir. my doubt is, the relationship between HUF and it's member are "relative" as mentioned u/s 56(2) ?
CMA Arif Farooqui
(Expert)
01 October 2010
no, although they may be relative in real life but as per income tax they are member of HUF. only individual can have relative.
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