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
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
