Huf
This query is : Resolved
04 March 2014
gift by karta to huf exceeding Rs.50000 is taxable and not then clubbing provision applicable for karta
04 March 2014
1. Section 56(2)(vii) provides that gift received from relatives is NOT taxable.
Relative for HUF means any member of the HUF which includes Karta.
So gift received from Karta is NOT taxable in the hands of the HUF.
2. However, clubbing provisions u/s 64(2) shall apply and income earned from such gift shall be included in the income of the Karta.
Relative for HUF means any member of the HUF which includes Karta.
So gift received from Karta is NOT taxable in the hands of the HUF.
2. However, clubbing provisions u/s 64(2) shall apply and income earned from such gift shall be included in the income of the Karta.
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