Gift u/s 56 (2)
This query is : Resolved
08 November 2017
Sir, there is an HUF in which a mother that is female is a Karta...since there are three daughters in the family. With the consent of daughters who are coparceners in the HUF, shares have been transferred to the Karta in individual capacity. Can this be treated as gift to Karta from HUF? Also would like to know what are the tax implications of the same. Thanks ...awaiting an early reply.
09 November 2017
if it is total partition of HUF, then 56(2) does not get attracted.
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