11 October 2012
IF AN INDIVIDUAL GIFT RS 500000/- TO HIS H.U.F THEN WHAT IS TAX LIABILTY TO H.U.F AS WELL AS ON INDIVIDUAL. WHEN H.U.F INVEST THAT AMOUNT AND INCOME IS GENERATED, WHAT WILL BE TAX LIABILITY ON H.U.F IF INCOME IS WITHIN TAX SLAB.
11 October 2012
Gift by individual to his HUF will be covered as gift by relative - Hence exempt in hands of HUF. However u/s 64 income earned from the said gift will be clubbed in hands of individual.
CAclubindia
