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Income tax query

Tax queries 1333 views 4 replies
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Chartered Accountant
31 Points Posted on 21 January 2008
Does a cash gift received by a HUF from a relative of karta (but not the member of HUF) cover under sec. 56? As per my opinion exemption in receiving gift from relatives as defined in sec. 56 is only for Individuals and not for HUF because wordings of defination of relatives in sec. 56 expressely related with indiviual like "spouse of Individual" or "brother or sister of individual" and like that. Please clear the matter.
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On 21 January 2008 at 23:11 Report
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Chartered Accountant
4772 Points Posted on 22 January 2008
GIFT TO HUF IS NOT EXEMPTED ........THE SECTION SPEAKS OF THE RELATIVES OF THE INDIVIDUAL
10 Reply
On 22 January 2008 at 05:16
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Article
1426 Points Posted on 22 January 2008
I think ,there should be some more replies
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On 22 January 2008 at 10:06
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TAX CONSULTANT
106 Points Posted on 22 January 2008
According to section 56 any sum of money exceeding Rs. 50,000, received by an individual or HUF from any person during the previous without consideration on or after 1.04.06, then whole of the aggfrate of such sum will be taxable.
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On 22 January 2008 at 19:01
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Guest
460055 Points Posted on 15 February 2008
if i sale my jewllery what will be tax eleemnt how much min to to invest in mutual fund to get tax deduction
368 Reply
On 15 February 2008 at 11:30


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