Query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2013
Mr. X is an individual. He has proprietorship firm. He earn profit from proprietorship business. He paid taxex. After paying tax he want to give his sister some amount of profit.
Is sister liable for tax? Due to this transfer her exemption limit exceed now.
how it is possible?
It is already profit after tax then why again, tax will levy?
Is sister liable for tax? Due to this transfer her exemption limit exceed now.
how it is possible?
It is already profit after tax then why again, tax will levy?
17 June 2013
there is no logic of giving Profit share.
He can gift to hes and its also not taxable.
He can gift to hes and its also not taxable.
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
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- ITR-3 File/Error Found
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- Rental income of jointly held property
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
