11 May 2016
KARTA (My Father) wants to gift the HUF Property to me(son) in which I am a co-owner. Can it be done ? What will be its position under gift tax and income tax ?
12 May 2016
Generally it should be avoided as some officer might treat this gift as partition partition which is not permitted after 1.9.1990. So better to avoid this. Yes if family expenses such as on marriage of members is incurred then this provision will not apply
CAclubindia
