13 April 2023
Karta's Father likes to give monetary gift frequently to Karta and his Family. Karta is planning to have these gifts received in the newly formed HUF. 1. As the gifts will be frequent, is it fine to receive those in HUF's account without any Gift Deed through online transfer mode without any tax implications? 2. Can HUF receive in cash also? Is there any limit for gifts in cash for above scenario? 3. Will there be any income clubbing for Karta's Father if those gifts are invested by HUF?
CAclubindia
