Whether income earned by huf on cash gift received from co
This query is : Open
Madan D Rawat
(Querist)
22 July 2016
whether income earned by huf on cash gift received from co- parcners is taxable to Income Tax Act in the hands of co parcners or huf ? ? ?
Facts : - Co - parcners made cash gift of Rs. 10 Lacs to his Huf. The Huf has invested said cash of Rs. 10 Lacs in Bank FD and earn interest of Rs. 12000/- on it.
Whether interest earn Rs. 12000/- is taxable under Income Tax Act in the hands of Co parcner or Huf
Facts : - Co - parcners made cash gift of Rs. 10 Lacs to his Huf. The Huf has invested said cash of Rs. 10 Lacs in Bank FD and earn interest of Rs. 12000/- on it.
Whether interest earn Rs. 12000/- is taxable under Income Tax Act in the hands of Co parcner or Huf
CA. Sunil Gokhale
(Expert)
24 July 2016
It is taxable in the hands of coparceners.
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