Gift by huf to member
This query is : Resolved
paresh kasala
(Querist)
20 December 2015
sir what will be consequences if huf will transfer asset to member.. can we take it as gift or capital withdrawal?
Amol S Joglekar
(Expert)
20 December 2015
HUF can always distribute its income.
But GIFT by HUF per se has no locus standi. Gift to HUF is on altogether different footing.
Capital withdrawl : Partial partition is derecognised by Income Tax. But Hindu law does admit partial partition.
But GIFT by HUF per se has no locus standi. Gift to HUF is on altogether different footing.
Capital withdrawl : Partial partition is derecognised by Income Tax. But Hindu law does admit partial partition.
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