Gift by huf to co-parcers
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2012
huf has transfer the cheque of amt rs 11 lacs to his co-parcers .
is above transaction will cover tax implication? if yes to whom it is payable? which section is support ?
is above transaction will cover tax implication? if yes to whom it is payable? which section is support ?
CA. SUDHARSAN K G
(Expert)
12 July 2012
Raghavjibhai Bhalodia vs ITO held that the gift received from HUF by a member is exempt on two grounds
1. the HUF is relative for its member
2. Alternatively, the gift from HUF falls under exemption provided u/s 10(2)
1. the HUF is relative for its member
2. Alternatively, the gift from HUF falls under exemption provided u/s 10(2)
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