Gift recieved by member from huf
This query is : Resolved
01 May 2012
Dear all,
Now after amendment in Finanace Act,2012. The defination of Relative have been amended for HUF, wherein any gift recieved by HUF from its member will be exempt in the hand of HUF.
My query is what will be the tax treatment of Money recieved by Individual member of HUF from HUF.
Please relply, in urgent need
Now after amendment in Finanace Act,2012. The defination of Relative have been amended for HUF, wherein any gift recieved by HUF from its member will be exempt in the hand of HUF.
My query is what will be the tax treatment of Money recieved by Individual member of HUF from HUF.
Please relply, in urgent need
01 May 2012
Share received from HUF is anyways exempt from Tax under Section 10(2) of the Income Tax Act. So no taxability in the hands of the recipient.
01 May 2012
No sir this is not share, but a gift from HUF to Karta
01 May 2012
Share received from HUF is anyways exempt from Tax under Section 10(2) of the Income Tax Act. So no taxability in the hands of the recipient.
01 May 2012
Even if it is a gift, it can be treated as share. Any payment from HUF to Karta or any other co-parcener is exempt from tax under Section 10(2). Even if it is a gift, you can show it as the share.
01 May 2012
Sir, will that also include any payment, even in the form of a Gift, which is specifically paid to Karta and not to any other member.
01 May 2012
Yes. It is as good as making drawings from a partnership firm. That share is of all members of the HUF. But it is not necessary for everybody to withdraw their respective share.
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01 May 2012
Thanks a lot Kabra Ji
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