Quiz for the week (26 Jan 2026) :
Sanjay Karta of HUF consisting of himself, his wife and 2 sons. Both the sons are married. The first son gifted Rs.25 lakhs to HUF which the HUF deposited in a bank fixed deposit and earned interest income of Rs.1.75 lakhs. Is the amount of gift taxable in the hands of HUF? In whose hands, the deposit interest is to be taxed?
Share your thoughts on the above on or before 2nd February, 2026