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
Ankita Chachan
(practitioner)
(548 Points)
Replied 10 August 2018
He can gift any amount. Sec 56 will not be applicable as they are relatives.
Vaishnavi Ganesh
(Chartered Accountant)
(861 Points)
Replied 10 August 2018
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.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
