There is a Hindu family governed by Mithakshara law consisting of A, his wife and two unmarried daughters.
There is no joint family property or nucleus for A’s HUF i.e. Asset is nil.
A’s father gifts Rs. 5lakhs to HUF of A by an instrument of gift and A invest the same in Bank Fixed deposit
i) In absence of two male members and also in absence of nucleus, can a HUF be formed consisting of A himself, his Wife and unmarried daughter on receipt of gift form father?
ii) The income from Bank FDR will go to A’s HUF or will be treated as individual income of A?
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