WebJan 25, 2024 · While hearing the case of Subodh Gupta vs Commissioner of Income Tax (CIT), Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that gift received by Hindu Undivided Family (HUF) from the mother of Karta would attract Income Tax.. Assessee in the instant case is a Hindu Undivided Family who filed its return of income … WebYour gift of tree seedlings will grow into fruit-bearing trees to provide nutritious fruit for a family and more to sell at market. Donate Now . Farm Tools $ 28 Give farm tools – a …
The Entire Law Relating To Hindu Undivided Family (HUF …
WebAug 11, 2024 · Ld. PCIT, thus, formed a view that though a gift from a member thereof to the ‘HUF’ was not exigible to taxation as per the provisions of section 56 (2) (vii) of the Act, however, a gift by the ‘HUF’ to a member exceeding a sum of Rs. 50,000/- was taxable. She also rejected the contention of the assessee that the aforesaid gift amount ... Webconsideration by the HUF or gift by other members of the HUF. The provisions of section 56(2)(vii) are not attracted when a member receives any sum from its HUF, either during … itssunpi fanhouse
The Entire Law Relating To Hindu Undivided Family (HUF
WebA gift by a member to HUF is not taxable as per section 56(2)(vii) read with Explanation to section 56(2)(x). January 8, 2024. Whether Revocation Of Gift Of Immovable Property Is Liable To Tax? A gift to non relative would attract section 56(2) and would be assessed in the hands of the recipient. In such case section 50C would not be attracted. WebGifts by HUF: 1. Gift by HUF to its Member. 2. Gift To Minor Daughters Out Of HUF Property Prior To Marriage. 3. Gift to Members of HUF by Book Entry. 4. Gift of HUF … WebB. Creation of HUF by receipts of Gifts HUF is a creation of law and cannot be created by the act of parties, therefore, HUF cannot be created for the first time by a gift from the stranger. If HUF already exists, gift can be made by a stranger to such HUF. The gifted property will be HUF property if the gift is made to HUF. its sung in variations