REGARDING HUF

This query is : Resolved

CA Sagar Khanpara (Querist)
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11 May 2010 Please help me to know some points regarding HUF.
1> can father and son have a different HUF? one is father,son,son's wife, son's children,his mother. and second one is of only son, his wife and children.
2> can family member of HUF contribute any amount to HUF out of his personal assets?
3> can HUF take any gift? from whom? upto what extent?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 May 2010 1. yes

HUF can take gift upto any amount. however if the same is above Rs. 50,000/- then the same would be taxable as there are no relatives of HUF