22 July 2016
whether income earned by huf on cash gift received from co- parcners is taxable to Income Tax Act in the hands of co parcners or huf ? ? ?
Facts : - Co - parcners made cash gift of Rs. 10 Lacs to his Huf. The Huf has invested said cash of Rs. 10 Lacs in Bank FD and earn interest of Rs. 12000/- on it. Whether interest earn Rs. 12000/- is taxable under Income Tax Act in the hands of Co parcner or Huf
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