Gift given to karta /co parcener by huf

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2013 WHETHER GIFT GIVEN TO KARTA OR CO PARCENER BY HUF IS TAXABLE UNDER INCOME TAX ACT ?
IN SAME FASHION IF KARTA OR CO PARCENER GIVE GIFT TO HUF IS TAXABLE?
WITH CASE LAWS IF ANY

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)
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11 February 2013 HUF can only give nominal amount of gifts that too on any particular occasion. Assessee has to prove the genuineness of transaction.

so HUF can't gift to karta or coparcenor

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