Gift given to karta /co parcener by huf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 February 2013
WHETHER GIFT GIVEN TO KARTA OR CO PARCENER BY HUF IS TAXABLE UNDER INCOME TAX ACT ?
IN SAME FASHION IF KARTA OR CO PARCENER GIVE GIFT TO HUF IS TAXABLE?
WITH CASE LAWS IF ANY
IN SAME FASHION IF KARTA OR CO PARCENER GIVE GIFT TO HUF IS TAXABLE?
WITH CASE LAWS IF ANY
CA. RAGHAV GARG
(Expert)
11 February 2013
HUF can only give nominal amount of gifts that too on any particular occasion. Assessee has to prove the genuineness of transaction.
so HUF can't gift to karta or coparcenor
so HUF can't gift to karta or coparcenor
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