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
CA. Anuj Gupta
(Expert)
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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