Gift tax
This query is : Resolved
16 January 2015
I want to know whether karta of HUf can give gift to HUF,it is allowable or not
16 January 2015
The answer to your query has a reference to the provisions of section 64(2) as well as section 56 of the Income Tax Act 1961.
From point of view of section 64(2) any income from the gift made to HUF by Karta shall revert to the hands of Karta for taxation in short clubbing provisions to apply.
Whereas as per section 56 HUF can received money etc from its members and still such money etc shall not be taxable in the hands of HUF.
Thus it may be also understood that there is no double taxation.
From point of view of section 64(2) any income from the gift made to HUF by Karta shall revert to the hands of Karta for taxation in short clubbing provisions to apply.
Whereas as per section 56 HUF can received money etc from its members and still such money etc shall not be taxable in the hands of HUF.
Thus it may be also understood that there is no double taxation.
Message likes :
1 times
17 January 2015
gift give by karta to HUF but clubbing provision for income earned from gift will applicable.
but gift will exemption hand of recipient.
but gift will exemption hand of recipient.
Message likes :
1 times
21 January 2015
The provision of clubbing apply in case of transfer of capital assets.whether transfer of cash cover in the definition of assets under clubbing proviso.Transfer of cash and its investment are two different things therefor i want to know if cash gift given by karta to HUF allowable. Any income accrue on investment made out of such gift is clubbed in the hands of karta.
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
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Transporter Declaration form
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- 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
