Sir
1---We have an HUF and wish to gift some an amount by cheque to its member in his individual account.
Is it allowed and NO gift tax applicable being gift to relative ?
2---Father is having HUF with son and wish to gift an amount to the HUF of his SON that is gift from HUF to HUF. Is it allowed and not subject to Gift tax ?
Please respond
D K Aggarwal
Gift from HUF: transfers to members or between HUFs are opined not allowed by adviser. The query asked whether an HUF may gift funds by cheque to a member's individual account and whether one HUF may gift funds to another HUF; the adviser's operative response was that such transfers are not allowed, without elaboration on legal basis or tax consequences. (AI Summary)