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huf

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(Querist)
19 May 2011 Dear sir
can my father`s HUF give gift more then 5 lacs to my HUF & my Brother`s HUF by banker`s cheque ,If Yes then,is it taxable?
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U S Sharma

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U S Sharma (Expert)
20 May 2011 possible to gift, but bank entries may be helpful to prevent litigations.
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CA. Krishna K Neeraj

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CA. Krishna K Neeraj (Expert)
20 May 2011 Yes your father can give gift in cash. it will not be taxable upto 50000/- Rs.
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