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
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.
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