CAN HUF BE FORMED OUT OF GIFT IN CASH, WHERE THE AMOUNT IS LESS THAN RS. 20,000.00?
ANAND KUMAR (ADVOCATE) 25 January 2011
CAN HUF BE FORMED OUT OF GIFT IN CASH, WHERE THE AMOUNT IS LESS THAN RS. 20,000.00?
A V Vishal (Advocate) 25 January 2011
Yes, the HUF can be formed
ANAND KUMAR (ADVOCATE) 26 January 2011
Thank you mr. vishal. Can you through some more light on the subject. I would like to know as to which time is treated as the formation of HUF.The date of Birth of a child or on the receipt of gift for the formation of HUF.
jagdish (AUDITOR & TAX CONSULTANT) 27 January 2011
Dear freinds
My client's father has died on 26/5/2010 and his status was HUF in the firm'sbooks of account. My client is also having H U F status as partner and individual as Depositor status in the books of account. Shall my client credit the agriculture income of his father who's status is HUF. Whether such credit should be in cash or in cheque. Let me pl inform
hemant bahri (proprietor) 29 January 2011
yes it can, because the act says that it can be made through gift, and the gift can not be valued at any price. so it can be made by any amount of gift.
hemant bahri (itp)
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