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Gift to huf

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 May 2012 I have formed a HUF consisting of Myself, My Wife and two minor children (One Boy and One Girl).

My Father and Brother want to make a Gift to my HUF in maybe Cash, Shares or Jewellery.

My questions:
1. Can my HUF receive a gift from my Father and Brother and will it be Tax Free.

2. Will the income generated from the gifted amount be clubbed with that of my Father and Brother.

3. Any other relevant point i am missing out relating to receiving a gift in my HUF.

Thank you.

Prakash
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
21 May 2012 1. The gift will not be taxable in the hands of the HUF.

2. However, income from the gift shall be clubbed in the hands of the donor.
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