Huf
This query is : Resolved
ashok h shah
(Querist)
04 March 2014
gift by karta to huf exceeding Rs.50000 is taxable and not then clubbing provision applicable for karta
04 March 2014
1. Section 56(2)(vii) provides that gift received from relatives is NOT taxable.
Relative for HUF means any member of the HUF which includes Karta.
So gift received from Karta is NOT taxable in the hands of the HUF.
2. However, clubbing provisions u/s 64(2) shall apply and income earned from such gift shall be included in the income of the Karta.
Relative for HUF means any member of the HUF which includes Karta.
So gift received from Karta is NOT taxable in the hands of the HUF.
2. However, clubbing provisions u/s 64(2) shall apply and income earned from such gift shall be included in the income of the 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
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
