can a member give mometary gift to HUF?
will income generated from gifted monetary asset will be clubbed in the income of the transferor member ?
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HUF taxation
Replies (3)
There is no restriction for a HUF to accept gifts.
If a member of HUF converts his/her individual property into HUF property, the income from such property will be clubbed with the income of the Individual under Section 64(2).
thank you sir. Appreciate your quick reply.
one doubt is even though member has given monetary assets as gift to HUF still does it get clubbed with his income?
As in similar scenario giving gifts to parents doesn't involve clubbing of income, as I understand.
one doubt is even though member has given monetary assets as gift to HUF still does it get clubbed with his income?
As in similar scenario giving gifts to parents doesn't involve clubbing of income, as I understand.
I mean income generated by parents on monetary gifts given by son doesn't get clubbed with Son's income as I understand.
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