Huf tax benefit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2015
Dear Sir,
Kindly guide me Tax benefit for HUF.
Any amount or Gift received from HUF Karta / Members to any HUF members is Taxable or Not ? Is there any limit?
kindly guide/suggest.
Thanks.
Kindly guide me Tax benefit for HUF.
Any amount or Gift received from HUF Karta / Members to any HUF members is Taxable or Not ? Is there any limit?
kindly guide/suggest.
Thanks.
11 May 2015
Relationship between HUF members from the point of view of gift implications need to be reckoned from the definition of the term 'relative' under section 56. If no such relationship exists than maximum limit is Rs. 50,000/-.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2015
Dear Sir,
Thanks a lot for valuable reply...
Further my query is that if my father give me a chq/cash more than Rs.50,000/- then what will be the tax effect.
Thanks a lot for valuable reply...
Further my query is that if my father give me a chq/cash more than Rs.50,000/- then what will be the tax effect.
11 May 2015
No tax effect since your father comes under relative and hence there are no tax implications for you as the gift from father is exempt.
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
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
