A I.t. Assess cash gift individual status to huf account.
purposes of interest income received from huf to individual account allowed in I.t. act.
Gift transaction
Replies (1)
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Gifts: Cash gifts from a member to an HUF are generally tax-free for the HUF, but be aware of "clubbing of income" (Section 64(2)) if the gift involves income-generating assets.
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Interest: Interest income earned by an individual on a loan given to their HUF is taxable for the individual. Only the distribution of the HUF's own income to its members is typically exempt under Section 10(2).
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