I recently had my HUF account created. I am the karta of my HUF as well as a member of my fathers HUF. Now I want to know whether an HUF can receive any amount in gift from parents HUF's (HUF of father or HUF of grandfather).
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Gift from huf to huf
Replies (1)
Hello ,
I think it will be taxable.
In the following cases gift will not be charged to tax.
- Money received from relatives (*).
- Money received by a HUF from its members.
- Money received on the occasion of the marriage of the individual.
- Money received under will/ by way of inheritance.
- Money received in contemplation of death of the payer or donor.
Gift received by HUF from its members are exempted but your father’s HUF is not a member of your HUF. .. dat y it will be taxable ….
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