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gift made by HUF
Can HUF gift to its members or karta
Replies (2)
Hi,
Any sum given by HUF to its members, subject to the conditions prescribed under Section 10(2) is exempt from tax in the hands of recipients.
Read more at: https://www.caclubindia.com/articles/gifts-to-and-from-huf-20454.asp
As per income tax act, any gift/s received by member from its HUF above rs. 50,000/- in aggregate is taxable; subject to specified conditions u/s. 10(2) of the act.
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