24 November 2013
An HUF nucleus can be created by taking a small gift from your father also. It can be taken in cash. Transferring from own account is not a good idea due to certain clubbing provisions in the act. . An HUF can receive gift from the friends and relatives. Gift exceeding Rs 50000/- is taxable if gift is received from other than the member of HUF. .
CAclubindia
