Gift tax
This query is : Resolved
16 January 2015
I want to know whether karta of HUf can give gift to HUF,it is allowable or not
16 January 2015
The answer to your query has a reference to the provisions of section 64(2) as well as section 56 of the Income Tax Act 1961.
From point of view of section 64(2) any income from the gift made to HUF by Karta shall revert to the hands of Karta for taxation in short clubbing provisions to apply.
Whereas as per section 56 HUF can received money etc from its members and still such money etc shall not be taxable in the hands of HUF.
Thus it may be also understood that there is no double taxation.
From point of view of section 64(2) any income from the gift made to HUF by Karta shall revert to the hands of Karta for taxation in short clubbing provisions to apply.
Whereas as per section 56 HUF can received money etc from its members and still such money etc shall not be taxable in the hands of HUF.
Thus it may be also understood that there is no double taxation.
Message likes :
1 times
17 January 2015
gift give by karta to HUF but clubbing provision for income earned from gift will applicable.
but gift will exemption hand of recipient.
but gift will exemption hand of recipient.
Message likes :
1 times
21 January 2015
The provision of clubbing apply in case of transfer of capital assets.whether transfer of cash cover in the definition of assets under clubbing proviso.Transfer of cash and its investment are two different things therefor i want to know if cash gift given by karta to HUF allowable. Any income accrue on investment made out of such gift is clubbed in the hands of karta.
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?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- 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?
- Query for dubts
Trending Online Classes
CAclubindia
