07 March 2012
Keeping in view section 56(2) (vii) provisions, gifts can be taken from non relatives, up to Rs. 50000/- in a Financial Year. HUF can take loan from any person.
. Members can give loan to HUF. However, if a member wants to gift certain amount to HUF, provisions of Section 64(2) for clubbing of income may be kept in mind and such gifts are to be avoided. .