CA Hardik Bunha (self) (2121 Points)
19 September 2012Mr X is HUF
Mr Y (Son Of X)
Whether Mr X can Give gift to Mr. Y.?
As per section 56 Individual Or HUF may give gift......
BuT u/s 56(2) refers defination of Relatives in which Huf Is not Covered.
What will be implication If Partition Of Huf........Asset is transfer to its members?
As per section 47 it is not Transfer?
What will be Your View?
CA Hardik Bunha
(self)
(2121 Points)
Replied 20 September 2012
This will be covered by u/s 56(2)(Vii)
and this will be treated as gift.
The defination u/s 56(2) covers HUF too which is read as INDIVIDUAL.
CAclubindia
