H.u.f.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 January 2012
If Karta of huf wants to give gift to his other members of huf ,then what are the tax issues karta or huf will face & is it allowed to receive the gift by the huf ,if there is any tax obligations then please tell me .
CA PARAS BAFNA
(Expert)
15 January 2012
Karta can gift out of his personal capital any amount to any family member. Tax provisions are not attracted.
.
If Karta makes gift of his Individual property to HUF according to Section 64(2) the income arising from such converted property will be clubbed with the income of Karta.
.
.
If Karta makes gift of his Individual property to HUF according to Section 64(2) the income arising from such converted property will be clubbed with the income of Karta.
.
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