WHEN HUF RECEIVES GIFT ( MONIES) FROM ONE OF ITS MEMBERS IT IS EXEMPT FROM GIFT TAX BUT WILL THE INCOME GENERATED FROM SUCH A GIFT BE CLUBBED WITH THE INCOME OF MEMBER FROM WHOM THE GIFT IS RECEIVED ?
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Clubbing of income from monies gifted by member to huf
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Yes. U/s. 64 of IT act.
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