Legal opinion required.

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aaa
26 Points Joined July 2010

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.

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On 18 July 2013 at 20:58 Report
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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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On 20 July 2013 at 15:39


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