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GIFT BY HUF

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(Querist)
25 November 2009 CAN HUF GIVE GIFT TO ITS MEMBER OR ANY OTHER. WHETHER IT IS TAXABLE IN THE HAND OF HUF OR RECEIVER OF GIFT.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
25 November 2009 if it exceeds 50000 than its taxable in the hands of receiver
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ashwani agrawal

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ashwani agrawal (Querist)
25 November 2009 IS GIFT ALSO TAXABLE IN THE HAND OF MEMBER
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hshivakumar

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hshivakumar (Expert)
25 November 2009 if any gift from relative is tax free. However huf is not a relative
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CA. Rishabh Mittal

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CA. Rishabh Mittal (Expert)
25 November 2009 In my opinion, HUF can't make a gift to it's member. It would mean partial partition of HUF which is not permissible under law. It should have full partition, only then HUF can make gift to member.
Please correct me, if I am wrong !!

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