Hello,
Lets say there is a father Sharad Patel and his son Sachin Patel.
1) Can Sharad Patel gift Rs.15 lac to 'Sachin Patel HUF'? Will it be taxed or will it be clubbed or is this allowed?
2) If Sharad Patel gifts Rs.10 lac to his own HUF i.e. 'Sharad Patel HUF' and the same is invested for interest @ 15%, will this income be taxed under the HUF or will it be clubbed under Sharad Patel's Income?
CAclubindia
