05 January 2016
Dear All One of my clients wants to create HUF as per Income tax Law He does not have mother and father. from whom he can receive gift for creation of HUF
05 January 2016
Strangers can make gifts but only up to Rs 50000 (Section 56). A member of the HUF throwing his money into
Transfer money by gifts etc to HUF capital keeping in view the clubbing provisions and tax on gifts under Income tax act,Remember there is no Tax on gifts in kind though they may attract clubbing provisions in some cases.
CAclubindia
