Gift from huf
This query is : Resolved
03 October 2016
Dear Sir,
One of my client received the gift from HUF. My query is HUF can give gift to members, if yes than what is the tax applicability in this case.
Thanks & Regards
One of my client received the gift from HUF. My query is HUF can give gift to members, if yes than what is the tax applicability in this case.
Thanks & Regards
03 October 2016
As in the Act There is no specification in the definition of Relative that HUF is relative or Not but the Rajkot bench of Tribunal has held that even gift received by an Individual from a group of relatives (Like HUF) will be exempt from Tax- Vineetkumar Raghavjibhai Bhalodia v. ITO (2011) 46 SOT 97.
For details please go to the link
http://itatonline.org/archives/vineetkumar-raghavjibhai-bhalodia-vs-ito-itat-rajkot-huf-is-a-relative-for-gifts-exemption-us-562v-vi-vii/
http://www.taxpundit.org/phocadownload/DTR_ITAT/58DTR(ITAT)/58DTR_ITAT_412.pdf
Hope your doubt will be clear.
Thanks.
For details please go to the link
http://itatonline.org/archives/vineetkumar-raghavjibhai-bhalodia-vs-ito-itat-rajkot-huf-is-a-relative-for-gifts-exemption-us-562v-vi-vii/
http://www.taxpundit.org/phocadownload/DTR_ITAT/58DTR(ITAT)/58DTR_ITAT_412.pdf
Hope your doubt will be clear.
Thanks.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
