Gift from huf
This query is : Resolved
03 October 2016
Dear Sir,
One of my client received the gift from HUF. My query is HUF can give gift to members, if yes than what is the tax applicability in this case.
Thanks & Regards
One of my client received the gift from HUF. My query is HUF can give gift to members, if yes than what is the tax applicability in this case.
Thanks & Regards
CA SAGAR M. AHUJA
(Expert)
03 October 2016
As in the Act There is no specification in the definition of Relative that HUF is relative or Not but the Rajkot bench of Tribunal has held that even gift received by an Individual from a group of relatives (Like HUF) will be exempt from Tax- Vineetkumar Raghavjibhai Bhalodia v. ITO (2011) 46 SOT 97.
For details please go to the link
https://itatonline.org/archives/vineetkumar-raghavjibhai-bhalodia-vs-ito-itat-rajkot-huf-is-a-relative-for-gifts-exemption-us-562v-vi-vii/
https://www.taxpundit.org/phocadownload/DTR_ITAT/58DTR(ITAT)/58DTR_ITAT_412.pdf
Hope your doubt will be clear.
Thanks.
For details please go to the link
https://itatonline.org/archives/vineetkumar-raghavjibhai-bhalodia-vs-ito-itat-rajkot-huf-is-a-relative-for-gifts-exemption-us-562v-vi-vii/
https://www.taxpundit.org/phocadownload/DTR_ITAT/58DTR(ITAT)/58DTR_ITAT_412.pdf
Hope your doubt will be clear.
Thanks.
Message likes :
1 times
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
