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Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2014 can coperceners/members get money from the HUF what will be the tax impact or tax liabilities.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 September 2014 no tax applicble as its exempted u/s 56(2)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 September 2014 Firstle Section 56(2)(vii) exempts gifts received BY HUF FROM its members. The converse is not exempt. This is evident from the definition of relative as under
In case of HUF relative means its members.
Definition of relative in case of individual does NOT include HUF

2. moreover an HUF cannot gift its property to its members. Distribution can take place only on total partition of the HUF

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