HUF Withdrawals and related taxation in the hands of co-coparceners.

Forums Tax Filing HUF Withdrawals and related taxation in the hands of co-coparceners.

HUF Withdrawals and related taxation in the hands of co-coparceners.

I have an HUF Account in my father’s name, and I file annual tax return, after paying necessary taxes. The HUF money is pooled in a bank account. Please help me understand, can coparceners withdraw money from HUF account. Can co-coparcener receive gifts from HUF. Is the amount in this case taxable in the hands of co-coparcener. How much money can be gifted to co-coparcener, without further taxation in the hands of HUF or co-coparcener. Many thanks in advance.

Profile photo of Sanjiv Saksena Asked By: Sanjiv Saksena 0 replies 0 helpful answers Last Updated: 8 months, 3 weeks ago
  • Profile photo of Sanjiv SaksenaSanjiv Saksena
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    I have an HUF Account in my father’s name, and I file annual tax return, after paying necessary taxes. The HUF money is pooled in a bank account. Please help me understand, can coparceners withdraw money from HUF account. Can co-coparcener receive gifts from HUF. Is the amount in this case taxable in the hands of co-coparcener. How much money can be gifted to co-coparcener, without further taxation in the hands of HUF or co-coparcener. Many thanks in advance.

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