gift received by huf from relative
This query is : Resolved
09 March 2009
gift received by idividual/huf from its relative is exempt .
but in relation to huf who is relative ??
relative of karta only or relative of all members to be considered ?????
any case law ????
but in relation to huf who is relative ??
relative of karta only or relative of all members to be considered ?????
any case law ????
09 March 2009
The Relative definition is quite vast and same as in case of individual
It's my own view that
Gift received by any member from his Relative in his individual capacity is treated as Gift from Relataive and hence Exempt
It's my own view that
Gift received by any member from his Relative in his individual capacity is treated as Gift from Relataive and hence Exempt
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10 March 2009
I am also of same view. We also need views from our seniour members.
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15 March 2009
GIFT RECD BY HUF IS NOT TAX FREE AS SAME IS NOT COVERED UNDER DEFINATION OF RELATIVE
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