Dear experts,
kindly give your valuable advise on (a) whether any gift tax is payable on huf created by gift from father of spouse accompanied by gift deed written in name of huf? If yes, then can gift be reversed, should it be in the same FY? (b) If huf entity’s income is below 1.80 lacs, and individual members income is also below 1.80 lacs, is there any need to pay any tax or file a return by anybody? Kindly give your valuable opinion.
Thanking you,
Raj f