Hi,
Just want to know about gift made by HUF.
Situation :- A Fathers/Grandfathers HUF gifts an immovable property to their Son HUF without any consideration. Is the same is chargeable to tax? Gift is made through love and affection to the Sons HUF. Also if any income arisies from the transfered property will be chargeable to tax unders Son HUF or Fathers/Grandfathers HUF, It will be clubbed or not?
I need professional help on this.
Thanks
CAclubindia
