Amit (service) 06 July 2008

New HUF account

Hello, I recently started my HUF account on birth of my baby girl. I wanted to know who can contribute to this account. To put it simply who can gift monies to this account. Can my parents gift monies to my HUF account? If answer is NO then who all can gift? Any pointers in this regard is appreciated.

Thanks Amit

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3 Replies

(Guest)

Your parents can gift, your inlaws canalso gift monies to the HUF account. Your earning which can be related to the HUF funds can also be deposited in this account.

Guest (n/a) 18 July 2008

Dear All

Can Brother of Karta of HUF give gift to HUF? If yes, what is tax liability?

(Guest)

He can gift it from the former HUF. There will no tax liability if the Major HUF is still in force. Or else you can for reopening of partition and resettlement. As long as there is no consideration and all the parties had pre-existing rights in gifted property, there will no tax liability.