Legal Opinion Required.....
Status :HUF
Querry: There is ABC (HUF).There are three generations in that HUF.Also each generation has its own HUF file.Can third generation as individual members give gift(money) to ABC(HUF).And is it exempt u/s56?
Please give your comments as soon as possible.
Normally when an individual takes birth in an existing Huf , he become the member of such HUF, as he is the family of the such existing family.
He can make gift and it is not taxable under the act. but the provisions of section 64(2) applicable in that case
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