Huf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 September 2014
can coperceners/members get money from the HUF what will be the tax impact or tax liabilities.
02 September 2014
no tax applicble as its exempted u/s 56(2)
02 September 2014
Firstle Section 56(2)(vii) exempts gifts received BY HUF FROM its members. The converse is not exempt. This is evident from the definition of relative as under
In case of HUF relative means its members.
Definition of relative in case of individual does NOT include HUF
2. moreover an HUF cannot gift its property to its members. Distribution can take place only on total partition of the HUF
In case of HUF relative means its members.
Definition of relative in case of individual does NOT include HUF
2. moreover an HUF cannot gift its property to its members. Distribution can take place only on total partition of the HUF
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