Gift under section 56 of the act
This query is : Resolved
muthukumar
(Querist)
07 October 2013
Respected one,
One of my clients has during the financial
year 2012-2013, in his "individual Status",
made cash gifts of Rs.20lakhs and Rs.25lakhs
respectively to his son's "individual" and
"HUF" status. What is the tax implication of
income from gift u/s 56 of the Incometax Act
for the asst.year 2013-2014?
One of my clients has during the financial
year 2012-2013, in his "individual Status",
made cash gifts of Rs.20lakhs and Rs.25lakhs
respectively to his son's "individual" and
"HUF" status. What is the tax implication of
income from gift u/s 56 of the Incometax Act
for the asst.year 2013-2014?
CA Pallav Singhania
(Expert)
07 October 2013
Gift received from relative as well as HUF is exempt from Tax,
The Finance Act, 2012 has widened the definition of relative under Section 56(2)(vii) by providing that in case of a Hindu Undivided Family, any member thereof shall be treated as a relative.
Therefore, an HUF can now make or receive gifts, to or from any of its members, without attracting any liability for income-tax.
The Finance Act, 2012 has widened the definition of relative under Section 56(2)(vii) by providing that in case of a Hindu Undivided Family, any member thereof shall be treated as a relative.
Therefore, an HUF can now make or receive gifts, to or from any of its members, without attracting any liability for income-tax.
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