gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2010 Hiii

The father wants to give gift to son's huf.
is it possible???
and whether this gift is taxable or not???

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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22 February 2010 Is father not member of this HUF??

If not then he should give property to his son and this will be covered u/s 56(2)(vii) and according to that property received from relative will not be taxable in the hands of individual.

Regards!!!
Dinesh S. Adhikari