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About trust

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(Querist)
13 August 2015 What is the treatment?when gift received by private trust from relative party?
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Deepti Asawa

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Deepti Asawa (Expert)
13 August 2015 Certain gifts are liable to income tax as “income from other sources”, Sec 56(2)(vi). However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs). Thus, if gift is received by any Trust or AOP, then it is not liable to income tax as “income from other sources
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