Taxability on death of karta

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Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 On closing the Bank Account of HUF on account of death of Karta and transferring the entire proceeds to bank account of his wife what is the taxability involved?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 February 2014 there is no tax applicable as there is no taxable event occured in this case.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 Even if it is going to an individual member i.e. his wife and not the rest of the members of HUF i.e. his sons

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 February 2014 actually there is no income as per def of income u/s 2(24) under income tax act.so question of taxability does not arise.

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