REGARDING HUF
This query is : Resolved
11 May 2010
Please help me to know some points regarding HUF.
1> can father and son have a different HUF? one is father,son,son's wife, son's children,his mother. and second one is of only son, his wife and children.
2> can family member of HUF contribute any amount to HUF out of his personal assets?
3> can HUF take any gift? from whom? upto what extent?
1> can father and son have a different HUF? one is father,son,son's wife, son's children,his mother. and second one is of only son, his wife and children.
2> can family member of HUF contribute any amount to HUF out of his personal assets?
3> can HUF take any gift? from whom? upto what extent?
11 May 2010
1. yes
HUF can take gift upto any amount. however if the same is above Rs. 50,000/- then the same would be taxable as there are no relatives of HUF
HUF can take gift upto any amount. however if the same is above Rs. 50,000/- then the same would be taxable as there are no relatives of HUF
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