Query
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2013
Mr. X is an individual. He has proprietorship firm. He earn profit from proprietorship business. He paid taxex. After paying tax he want to give his sister some amount of profit.
Is sister liable for tax? Due to this transfer her exemption limit exceed now.
how it is possible?
It is already profit after tax then why again, tax will levy?
Is sister liable for tax? Due to this transfer her exemption limit exceed now.
how it is possible?
It is already profit after tax then why again, tax will levy?
CA Kapil Verma
(Expert)
17 June 2013
there is no logic of giving Profit share.
He can gift to hes and its also not taxable.
He can gift to hes and its also not taxable.
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