hi i have 25lakh rupees deposite in one of my firm on name of my grandfather huf. now my mygrand father is no more . and we want to transfer that deposite to individual . how can we do it? can huf gift to his memebers? is there any tax liability for transfer please explain eith example
After your Grand Fathers death, the eldest male member of the family becomes the Karta. You can partition the HUF and share it amongst the members of the family.