TRANSFER OF huf WEALTH TO MEMBER

This query is : Resolved

deepak K Gujrati (Querist)
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28 May 2009 ABC HUF IS OWNING JEWELLARY WORTH rS 50 LACS. iT IS PAYING WEALTH TAX ALSO. jUST TO REDUCE ITS WEALTH TAX LIABILITY IT WANTS TO GIFT A PART OF WEALTH TO SOME OF ITS MEMBERS. CAN IT DO SO. iF YEAS THEN WHAT WILL BE TAX IMPLICATION. tHE KARTA OF THE huf HAS EXPIRED AND HIS ELDER SON IS KARTA OF THE huf NOW.

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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29 May 2009 No, HUF cannot gift to its member even if all the members of HUF agree.
Partly dissolution of HUF is also not permitted.

Regards,

CA. Sandeep Aggarwal

deepak K Gujrati

deepak K Gujrati (Querist)
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30 May 2009 Please suggest the method of full partition of HUF. Please provide the format for any deed etc if required to be made.

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