Dear all,
I have a doubt regarding , whether a HUF can receive a gift from an individual...i.e.from members of the HUF...and also whether a HUF can give a gift to his family members.....please tell me the Income tax applicability...is there any limit for receiving the gift......
Dear Narayna,
HUF can receive gift from coparceners/members but then the provisions of clubbing will get trigered..
Gift by katra of HUF, a movable property or an immovable property within reasonable limits in favour of his daughter is permissible on the occasion of her marriage.
Just follow this informative link -
HUF can not make any gift of HUF property to coparcener and non coparcener.. Any gift made by HUF are void-ab-initio. The gifted property shall be included in the wealth of HUF and not the donee. Similarly the income from gifted property shall be taxable in the hands of HUF and not the donee.
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