Admissibility of gifting money to huf

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  1. JAI KANT MAHAWAR

    JAI KANT MAHAWAR New Member

    Sir,

    I have formed huf with its member as my wife and two son and me as Karta, ten yrs ago . Now my query is---

    i) can Karta or any member of huf make gift in terms of money(not property) to huf which shall be tax free and not attracting clubbing provision. If yes than up to what limit ? As per section 64(2) if any individual converts his property into huf property ,then income derived would be considered as income of individual and not of huf, is it applicable for money also. As per section 56 relative for huf means members.

    ii) can any friend of member of a huf make gift in terms of money(not property) to huf which shall be tax free and not attracting clubbing provision. If yes than up to what limit ?

    iii) can any relative of member of a huf make gift in terms of money(not property) to huf which shall be tax free and not attracting clubbing provision. If yes than up to what limit ?

    iii) Gifts recd in cash at the time of marriage of my son ,can be shown as gifts of my huf ? if yes up to what limits and what supporting documents would be required to substantiate the validity..
     
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