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Huf firm gift to it's members

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(Querist)
31 March 2022 My father is karta of a huf firm. Can this huf firm give me gift of 10 lakh rupees. Will this gift be taxable? Please explain.
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
31 March 2022 As far as HUF is concerned, its members are its relative under Income Tax but not the other way round. meaning thereby that gift from HUF to its member may not be treated as gift from relative since there is no clarity that for individuals, their HUF is relative. One may need to take help of judicial pronouncements in this regard.
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ARUN GUPTA

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ARUN GUPTA (Querist)
31 March 2022 If huf gifts it's member then what tax liabllity will come if not treated as gift.
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ARUN GUPTA

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ARUN GUPTA (Querist)
31 March 2022 Who will be taxed huf Or member?
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