POSTED BY July 21, 2013 12:32 am ONE COMMENTON
I am planning to create a HUF with only two members. There is no ancestral property. I have few questions regarding this –
1. Can a HUF receive gift through remittances from abroad ? Will the same rules apply as getting a gift from India based stranger ?
2. Do I need to register a gift deed for the above purpose ?
3. If the income of HUF is transferred to my savings account, will it be treated as gift and clubbed to my income ?
4. As a karta, is there any limit to take out cash from HUF assets and use as family expenses?