Gift
This query is : Resolved
ultragaurav
(Querist)
20 September 2011
Dear All,
1)A transfered the rs 150000 in to B's account as a gift,whether any tax liability comes to B in that fy
2) X gifts the 6 shops to y ,market value of which is (250000*6)=15,00,000 Rs in one fy,Is any tax liabitility comes to y .
1)A transfered the rs 150000 in to B's account as a gift,whether any tax liability comes to B in that fy
2) X gifts the 6 shops to y ,market value of which is (250000*6)=15,00,000 Rs in one fy,Is any tax liabitility comes to y .
CA Hardik Bunha
(Expert)
21 September 2011
If they are not relative then
(1) YES
(2) YES
(1) YES
(2) YES
21 September 2011
1. Section 56(2)(vii) is applicable. Assuming A & B are not relatives, Rs. 1,50,000/- will be taxable in the hands of B.
2. Section 56(2)(vii) is applicable. Assuming X & Y are not relatives, Rs. 15,00,000/- will be taxable in the hands of Y.
2. Section 56(2)(vii) is applicable. Assuming X & Y are not relatives, Rs. 15,00,000/- will be taxable in the hands of Y.
ultragaurav
(Querist)
21 September 2011
Thanks For reply
If in the first case A is sister of B (HUF),than also there is any tax liability exists
and in the second case X is the father of y but in this case gift amount is so high than also there is no tax liability?
If in the first case A is sister of B (HUF),than also there is any tax liability exists
and in the second case X is the father of y but in this case gift amount is so high than also there is no tax liability?
21 September 2011
I am not able to understand the first query. Kindly explain in a little more detail.
As for the second query, even if X is father of Y, there will be no tax liablity on Y.
However, if Y is a minor then the income from the shops will be clubbed in hands of X.
As for the second query, even if X is father of Y, there will be no tax liablity on Y.
However, if Y is a minor then the income from the shops will be clubbed in hands of X.
ultragaurav
(Querist)
21 September 2011
In first query A is Individual & B is karta of HUF.Ex:-
Suppose B is Ram in this case.
A gives the gift of rs 150000 to Ram (HUF).
Suppose B is Ram in this case.
A gives the gift of rs 150000 to Ram (HUF).
ultragaurav
(Querist)
22 September 2011
Dear All,
Please reply me soon
Please reply me soon
23 September 2011
Section 56(2)(vii) shall be applicable and Rs. 1,50,000/- will be taxable in the hands of the HUF.
23 September 2011
I agree with the experts
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