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Gift from/to HUF
Hey can Huf " Karta" can gift/accept the gift to/from thier HUF member ?? what is taxation on it ..??
Replies (4)
Quick Summary
Yes, There will be no tax liability will arise if they come under the definition of relative .
So there will be no any tax liability for any amount of gift received from karta or gift to Karta
If member receives any amount from karta without there being a partial or total partition of huf, then it'll be taxable in the hands of member bcoz karta does not fall under the definition of relatives. if karta receives from members there's no tax implications
HUF receive gift from anyone. If it gives gift then it will be considered as partial partition. If self acquired property of member is transferred to HUF then income from transferred property will be clubbed in the income of such transferor.
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