if karta is gifting rs 500000 cash gift to his huf as capital,will the clubbing provisions of section 64(2) apply to income that will be earned by investing this 5 lakhs?
and if the clubbing provisions apply then please tell me how to introduce the capital in huf coz clubbing will defeat the purpose of creating huf.
First of all cash transaction above > 2 lakhs is hit by 269ST
section 64(2) clubbing provisions apply to income arising out of 5 lakhs.
HUF can receive gift from ascendents as they are relative.
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