Additions u/s 56(2)(vii) - any amount received by a member of ...

Income Tax

September 9, 2019

Additions u/s 56(2)(vii) - any amount received by a member of the 'HUF', even out of the capital or estate of the 'HUF' cannot be said to be income of the member exigible to taxation. Since such a member himself has a pre-existing right in the property of the 'HUF', hence, it cannot be said to be a gift without consideration by the 'HUF' or by the other members of the 'HUF' to that recipient member. - AT

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Additions u/s 56(2)(vii) - any amount received by a member of ...

Income Tax

September 9, 2019

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