Hello,
Assuming Amitabh and Abhishek and father and sons respectively. And they have their own HUFs where they're karta.
1) a) Amitabh makes a gift of Rs.15 lac through cheque to Amitabh HUF. Now will this gift be taxed in hands of HUF under Sec 56(2)?
b) Amitabh HUF invests these funds in Fixed Deposit and Ears Rs.140000 as interest during the year. In whose hands will this income be taxed? Will it be clubbed in Amitabh HUF's hands?
2) Amitabh also makes a gift to Abhishek HUF(whose karta ia Abhishek and Amitah is not the memer of the HUF) to the extent of Rs.10 lacs. Will this gift be taxed in Abhishek HUF's hands?.
CAclubindia
