Gift to and by HUF
This query is : Resolved
Quick Summary
22 April 2021
1. Will gift given by father to son's HUF in which all members come within definition of "relatives" be exempt in hands of HUF, as it amounts to gift to group of relatives?
2. Will gift by Karta to his HUF be exempt income in hands of HUF?
3.Will gift by HUF to Karta or its members be exempt in hands of recipient?
2. Will gift by Karta to his HUF be exempt income in hands of HUF?
3.Will gift by HUF to Karta or its members be exempt in hands of recipient?
23 April 2021
1. Yes.
2. To the best of my knowledge, members cannot give gift to huf. only relatives can.
3. HUF cannot give gifts. it is prohibited.
20 May 2021
Since HUF is a separate entity no gifts are exempt.Relative etc are only applicable in individual case.
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