06 December 2013
The huf can take gifts from members & others but thetax free limit for gift is 50,000. Suppose there is no income at all take gifts of upto 250,000. /(200000 is tax free being basic exemption & 50,000 is standard deduction for tax free gift) So you will build a cpaital for 250,000. Suppose the huf has 100,000 in 80c from above gifts increase the gift to 350,000. Give this capital on Loan with interest the interest will be income of HUF. Also in the recent budget changes the HUF can accept gifts fromit members. Please gothru the same.
CAclubindia
