Whether Consultancy Income can be shown in HUF u/h "Income from Business or Profession"? If a relative of member of a HUF gifts a sum of money to HUF for building up Capital then whether a Gift Deed needs to be executed for the same? As the sum of money gifted will be exempt from tax in HUF whether the same has to be shown as Exempt Income while filing Income Tax Return?
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Huf
Replies (1)
Hello
Member cannot give gift to HUF. as anything given as gift will get clubbing provisions and income on gifted property will be clubbed in member's income only
thanks
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