Gift can be given to huf
This query is : Resolved
16 February 2012
Hello,
Whether one individual who does not have HUF, can create HUF by giving gift to HUF. Whether this is taxable in the hands of individual or HUF?
Thanks
Whether one individual who does not have HUF, can create HUF by giving gift to HUF. Whether this is taxable in the hands of individual or HUF?
Thanks
16 February 2012
If an individual transfers his personal property to the HUF, then clubbing provisions will apply and the income from such property shall be taxable in the hands of the individual. [Section 64(2)]
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