manu (Student) (136 Points)
13 September 2008Hi Everyone.
I want to know about HUF gift.
1. Can a HUF gift to HUF?
2. Can an individual (Relative of Karta) gift to HUF?
3. Its is taxable in HUF hands or not if it is non taxable than what is limit and if it is taxable in which section it is taxable.
Please also provide me Gift Deed for condition one or two.
With Regards.
Manu
Late CA Sampat Jain
(Chartered Accountant)
(4772 Points)
Replied 13 September 2008
HUF CAN GIFT ......BUT THE AMOUNT GIFTED SHOULD BE REASONABLE AND NOT SUBSTANTIAL CONSIDERING NET WORTH OF HUF........THIS IS BECAUSE KARTA CAN NOT DO SO WITHOUT THE COPARCERNERS CONSENT
CAclubindia
