Gift from huf to its members
This query is : Resolved
11 August 2014
With reference to Section 10(2) of Income Tax Act, 1961 read with Vineetkumar Raghavjibhai Bhalodia vs ITO (Rajkot Bench of ITAT case), can a HUF give gift to its Karta from its PAST income as well?
Thanks in Advance.
Thanks in Advance.
11 August 2014
HUF can give the gift but the income from gift will taxable in hand of HUF.
11 August 2014
Thank you sir.
Sir gift from Retained profits of HUF to Individual is also exempt?
Sir gift from Retained profits of HUF to Individual is also exempt?
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