Respected Experts,
I have a query regarding HUF,
I have gifted money to my HUF as Karta by Account Payee two Cheques Rs.50000/- & Rs.190000/- Total Rs.2,40,000/- during F.Y.2013-14.
Is this Rs.240000/-exempt from I.Tax in the hand of my HUF & under which section ?.
Is Clubbing of Income u/s 64(2) required for Interest Income Rs.21088/- of my HUF from the above mentioned gifted amount Rs.241000/- during F.Y.2013-14.{In this site there is reply on July-2012 that Clubbing u/s 64(2) is not required for Money Transfer, It is applicable on Property Transfer.}
What is the amount of Income from Other Sources for my HUF for F.Y.2013-14
Please clarify,
Much Obliged
M.P.Singh Jolly

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