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

CA PARAS BAFNA (Expert)
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15 January 2012 Karta can gift out of his personal capital any amount to any family member. Tax provisions are not attracted.
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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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