Huf income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2012
As per amendment to finance act 2012, any property transferred (gift) by individual (karta) to HUF without consideration is not taxable in hand of HUF.
New question is income received on such property will be clubbed in hands of individual or not. section 64(2) will apply on this or not.
New question is income received on such property will be clubbed in hands of individual or not. section 64(2) will apply on this or not.
12 July 2012
The amendment has only exempted the gift in the hands of the HUF.
Section 64(2) shall still apply and income from such gifted asset shall be taxable in the hands of the Karta.
Section 64(2) shall still apply and income from such gifted asset shall be taxable in the hands of the Karta.
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