Gift from HUF to a married daughter
This query is : Resolved
20 June 2011
Hi,
My client's HUF has gifted his married daughter Rs. 3,50,000/- as gift. Is it taxable in the hands of the daughter? Earlier, he had done the same thing and in that year he had a scrutiny and no questions were raised on that by the IT officer.
Thanks in advance!!!
My client's HUF has gifted his married daughter Rs. 3,50,000/- as gift. Is it taxable in the hands of the daughter? Earlier, he had done the same thing and in that year he had a scrutiny and no questions were raised on that by the IT officer.
Thanks in advance!!!
20 June 2011
married daughter was the co-pancer of the HUF, and still continuing, so its partial dissolution of HUF in favor of any member of HUF.
Message likes :
1 times
20 June 2011
Hi Mr. Sharma,
Thanks for answering my query, but I am still a little unclear. Some one told me that since HUF is not a relative any gift from HUF is taxable. Is it the case?
Thanks for answering my query, but I am still a little unclear. Some one told me that since HUF is not a relative any gift from HUF is taxable. Is it the case?
20 June 2011
yes HUF does not have relatives, but it has members
check your HUF constitution, your daughters name is still in incometax records, so she got the amount as a member, not as a gift.
check your HUF constitution, your daughters name is still in incometax records, so she got the amount as a member, not as a gift.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- 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
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
