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HUF query
can a HUF buy a shop by its own money, earned from HUF business and later gift it to karta,s wife i.e. a member through a gift deed. Is this likely to be a red flag raised and lead to trouble in ITR.
Replies (1)
"Can a HUF buy a shop by its own money, earned from HUF business?"
YES
"and later gift it to karta,s wife i.e. a member through a gift deed.?"
Though some judgements favour the gift, but act doesn't .....
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