Beneficiary trust
This query is : Resolved
01 July 2013
IF A BENEFICIARY TRUST HAVING SINGLE MINOR BENIFICIARY RECEIVES GIFTS OF RS. 10 LAKH FROM FATHER OF THE BENEFICIARY, WHAT SHALL BE TAX IMPLICATION U/S 56 AND U/S 64 OF THE I.T. ACT, 1961
02 July 2013
In my view the father would have transferred the money as part of private trust rather than gifting it.
Anuj
Anuj
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