Can HUF gift any amount to its member. Is there any tax implications?

Vijaykumar Chandrasekaran (43 Points)

29 July 2020  

I have situation where my wife needs to pay her loan repayment.  I have got funds in my HUF account.  Given my wife is a member of my HUF as a Karta can I gift any amount to my wife which she could use for her loan repayment.  Is there any tax implications for the same?