Huf
This query is : Resolved
10 May 2017
Hi,
Example
I am a HUF. Can I take a gift from HUF Member(Like me (Indivuals) , Wife, Son(23 yrs.), Dughters(21 Yrs.))
D M KABRA (HUF)
Me-D M Kabra (indivuals)
wife
son
duaghter
Example
I am a HUF. Can I take a gift from HUF Member(Like me (Indivuals) , Wife, Son(23 yrs.), Dughters(21 Yrs.))
D M KABRA (HUF)
Me-D M Kabra (indivuals)
wife
son
duaghter
10 May 2017
Yes HUF can take gift of any amount from its members as its members are its relatives under explanation 56(2)(vii)(e)(ii). However if cash gift is to be taken, gift amount should be less than Rs 2 Lakhs in view of new section 269ST.
11 May 2017
Members of the Huf are considered as relatives of the Huf and gift from relatives is exempt. Hence Huf can take gift from it's members without any monetary limit.
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