Taxability on death of karta
This query is : Resolved
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?
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
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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