Clubbing of income
This query is : Resolved
29 July 2013
Mr. X is a Karta of X (HUF) has made a Gift of Rs. 500000/- to X (HUF). The Gift so made is tax free in the hands of X (HUF). Since any amount received by HUF from its member is Exempt from Tax as per the amendments made by Budget 2012. Now I want to clarify the tax impact in the hands of MR. X Karta in his individual Capacity on the Income Earned by HUF on Gifted amount as per Clubbing Provisions of Section 64.
29 July 2013
No clubbing provisions would apply.
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