GIFT BY HUF
This query is : Open
25 November 2009
CAN HUF GIVE GIFT TO ITS MEMBER OR ANY OTHER. WHETHER IT IS TAXABLE IN THE HAND OF HUF OR RECEIVER OF GIFT.
25 November 2009
if it exceeds 50000 than its taxable in the hands of receiver
25 November 2009
IS GIFT ALSO TAXABLE IN THE HAND OF MEMBER
25 November 2009
if any gift from relative is tax free. However huf is not a relative
25 November 2009
In my opinion, HUF can't make a gift to it's member. It would mean partial partition of HUF which is not permissible under law. It should have full partition, only then HUF can make gift to member.
Please correct me, if I am wrong !!
Please correct me, if I am wrong !!
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