Huf

This query is : Resolved

Dwarkadas Madanlal Kabra (Querist)
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10 May 2017 Hi,
Example
I am a HUF. Can I take a gift from HUF Member(Like me (Indivuals) , Wife, Son(23 yrs.), Dughters(21 Yrs.))
D M KABRA (HUF)

Me-D M Kabra (indivuals)
wife
son
duaghter

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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10 May 2017 Yes HUF can take gift of any amount from its members as its members are its relatives under explanation 56(2)(vii)(e)(ii). However if cash gift is to be taken, gift amount should be less than Rs 2 Lakhs in view of new section 269ST.

Studentsca

Studentsca (Expert)
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11 May 2017 Members of the Huf are considered as relatives of the Huf and gift from relatives is exempt. Hence Huf can take gift from it's members without any monetary limit.

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