06 January 2016
My brother in law passed away man years ago. Since then, my own/real sister had become Karta of the HUF Firm. Now she wants to give me gift cheq of RS.10 L. Since, she can not afford to reduce her own capital in balance sheet by that amount, can she take gift from her HUF firm to her personal a/c? In that way, I, as a brother will not attract any tax on gift amount. Her children as co percerners will definitely have no objection to signing any gift deed between my sister & HUF firm.
CAclubindia
