What is the limit for HUF to Gift a sum (transfer from bank to the minor’s savings A/c) to a minor in the family ... pl advice
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Gift limit from huf
Replies (2)
He can gift any amount. Sec 56 will not be applicable as they are relatives.
HUF and members are covered under the RELATIVES, so, can trnasfer any amount.
However, income arising from that amount to the minor will be clubbed with that of the minors parents.
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