relinquishment by huf member

Yes, at the time of dessolution......

Basically, one can gift any property/asset only of which he/she is owner. One cannot gift Hawamahal, of which he is not an owner.  Here the HUF is owner of the property. Unless it is dissolved and each members get their shares, they cannot legally gift/part away with any of its coparcener-ship. Moreover Tax Laws do not recognize partial partition of property or/and persons after 30-3-1978 on insertion of Sub-Section (9) to Sec. 171 of the I.T Act.