I am a member of HUF created by my father(who is no more). My elder brother is its karta now. My son is also a member of this HUF - let's call it HUF-A
I have created another HUF with my wife and son. Let's call it HUF-B. My query:
1. Is a gift of 20 lacs from HUF-A to HUF-B taxable (as income from other sources) in the hands of HUF-B?
2. Is gift of 20 lacs from HUF-A to my son taxable (as income from other sources)?
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Huf to huf gift
Replies (2)
Gift from HUF to HUF and HUF to son in your case will be taxable
not taxable bcoz both the huf's are relatives
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