Who is the relatives of huf.
3 Replies
Vikas Gupta
(CHARTERED ACCOUNTANT)
(16295 Points)
Replied 08 April 2010
Check this
/forum/relatives-of-huf-77642.asp
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 08 April 2010
Sec. 56(v) would deem any gift from non-relatives on or after September 1, 2004 as income of the assessee liable to tax, unless such gift is received on the occasion of marriage of the individual or by way of Will or inheritance or in contemplation of death.
The Explanation, which defines a relative is wide enough to include spouse, brother or sister, their spouses, brother or sister of either parents of the individual and lineal ascendant or descendant of both the individual and his/her spouse and the spouse of any of the persons mentioned herein before. Hence, the definition covers only relatives of the individuals, so that the explanation seems to have overlooked the provision in the main section sparing liability for HUF in respect of gifts from relatives.
regards,
ratan
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