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
19 September 2012
Total partition is recognised by income tax department. It is not "TRANSFER"
19 September 2012
56(2)(vii) gives the rule for HUF as well
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Eway bill for machinery reparing
- Applicable TDS for Purchase of Flat from NRI
- Bank Accounts in Balance Sheet for ITR 3
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
