Since HUF is not individual but a group of people lnown as family the exemption which is received by individuals will not be available to HUF. Also refer the attach file
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Gift
Refer the attach file
Dhiraj from 1/10/09 it is Rs 50000/- & not Rs 25000/-
Thanx for correcting me monika
Hello Dhiraj,
I really appreciate your Interpretation,
Rajat
Its an honour to me sir... Thanx
| Originally posted by : D н ! я σ ĵ | ||
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Under the Income Tax Act, a HUF is treated as a separate entity for the purpose of asessment. The term "HUF" has not been defined under the I-T Act. The expression is, however, defined under the HINDU Law where a person who acquire interest in joint family by birth is called a COPARCENAR. A Coparcenar cannot be termed as a Relative of the Karta of the HUF.
You really make nice interpertation but the whole amt is taxable not in excess of Rs. 50000
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Hi sweta, that 50000 was for KARTA.... because the gift is not recieved from a CLOSE RELATIVE.... so in excess of 50000, gift for KARTA, if at all there is, is taxable in hands.... Its not related to HUF at all... dont bother
Hi Sweta Relative in case of HUF is:
If Karta is X then:
(i) Spouse of the individual ----- Mrs. X
(ii) Brother or sister of the individual ---- Brothers / sisters of Mr. X
(iii) Brother or sister of the spouse of the individual - Brothers / sisters of Mrs. X
(iv) Brother or sister of either of the parents of the individual
-- Brothers / sisters of father / mother of Mr. X.(v) Any lineal ascendant or descendent of the individual
---- Lineal ascendant or descendent of Mr. X
(vi) Any lineal ascendant or descendent of the spouse of the individual
---- Lineal ascendant or descendent of Mrs. X
(vii) Spouse of the person referred to in clauses (ii) to (vi)
---- Spouse of the aforesaid persons
| Originally posted by : sweta jain | ||
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What does relative mean from HUFpoint of veiw for the purpose of Sec: 56 ? |
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Sec. 56(2) (vi) and (vii) says the provisions are applicable if the receipt of gift is by an individual or HUF. For the purpose of basic exemption for a HUF the age of Karta becomes relevant. In such context for deductions and exemptions the term relation with reference to Karta should be considered.
Hence for the purpose of who are relative from HUF point of view, relationship to the Karta should be considered
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