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Gift from huf to its members

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(Querist)
11 August 2014 With reference to Section 10(2) of Income Tax Act, 1961 read with Vineetkumar Raghavjibhai Bhalodia vs ITO (Rajkot Bench of ITAT case), can a HUF give gift to its Karta from its PAST income as well?

Thanks in Advance.
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Rupesh Jain

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Rupesh Jain (Expert)
11 August 2014 HUF can give the gift but the income from gift will taxable in hand of HUF.
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Akshat Bansal

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Akshat Bansal (Querist)
11 August 2014 Thank you sir.

Sir gift from Retained profits of HUF to Individual is also exempt?
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