Huf firm gift to it's members
This query is : Resolved
31 March 2022
My father is karta of a huf firm. Can this huf firm give me gift of 10 lakh rupees. Will this gift be taxable? Please explain.
31 March 2022
As far as HUF is concerned, its members are its relative under Income Tax but not the other way round. meaning thereby that gift from HUF to its member may not be treated as gift from relative since there is no clarity that for individuals, their HUF is relative. One may need to take help of judicial pronouncements in this regard.
31 March 2022
If huf gifts it's member then what tax liabllity will come if not treated as gift.
31 March 2022
Who will be taxed huf Or member?
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