Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 September 2012
Mr X is HUF
Mr Y (Son Of X)
Whether Mr X can Give gift to Mr. Y.?
As per section 56 Individual Or HUF may give gift......
BuT u/s 56(2) refers defination of Relatives in which Huf Is not Covered.
What will be implication If Partition Of Huf........Asset is transfer to its members?
As per section 47 it is not Transfer?
What will be Your View?
Read more at: https://www.caclubindia.com/forum/gift-u-s-56-221008.asp#.UFnINaB7Ynk
Mr Y (Son Of X)
Whether Mr X can Give gift to Mr. Y.?
As per section 56 Individual Or HUF may give gift......
BuT u/s 56(2) refers defination of Relatives in which Huf Is not Covered.
What will be implication If Partition Of Huf........Asset is transfer to its members?
As per section 47 it is not Transfer?
What will be Your View?
Read more at: https://www.caclubindia.com/forum/gift-u-s-56-221008.asp#.UFnINaB7Ynk
Amol S Joglekar
(Expert)
19 September 2012
Total partition is recognised by income tax department. It is not "TRANSFER"
Amol S Joglekar
(Expert)
19 September 2012
56(2)(vii) gives the rule for HUF as well
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