Relative definition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 January 2015
Dear All,
If for the purpose of INCOME TAX ACT, 1961, definition of relative in case of an individual assessee includes HUF.
For e.g. if Mr.X is a member of the HUF. Now if Mr.X gifts anything to the HUF of which he's the member, than the same will be taxable in hands of HUF or not.
Please also suggest any case law, regarding to the above case, if any.
Thanks & Regards.
If for the purpose of INCOME TAX ACT, 1961, definition of relative in case of an individual assessee includes HUF.
For e.g. if Mr.X is a member of the HUF. Now if Mr.X gifts anything to the HUF of which he's the member, than the same will be taxable in hands of HUF or not.
Please also suggest any case law, regarding to the above case, if any.
Thanks & Regards.
05 January 2015
Please refer to explaination to sec 56(2) under income from other sources for the said definition.
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 January 2015
Dear All,
If for the purpose of INCOME TAX ACT, 1961, definition of relative in case of an individual assessee includes HUF. For e.g. if Mr.X is a member of the HUF. Now if Mr.X gifts anything to the HUF of which he's the member, than the same will be taxable in hands of HUF or not. Please also suggest any case law, regarding to the above case, if any.
I have read the section 56(2) but still i have doubt as if the same secion i.e. section 56(2), contradicts the provision of section 10(2) than what will be the consequences.
Thanks & Regards.
If for the purpose of INCOME TAX ACT, 1961, definition of relative in case of an individual assessee includes HUF. For e.g. if Mr.X is a member of the HUF. Now if Mr.X gifts anything to the HUF of which he's the member, than the same will be taxable in hands of HUF or not. Please also suggest any case law, regarding to the above case, if any.
I have read the section 56(2) but still i have doubt as if the same secion i.e. section 56(2), contradicts the provision of section 10(2) than what will be the consequences.
Thanks & Regards.
05 January 2015
if you read the sec 2 opening words are unless otherwise the context requires....means if there is speific definition like sec 56(2) then sec 56(2) shall prevail else sec 2 definition shall be used.
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