reciept of gift as corpus from other than family.

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..... reciept of gift as corpus from other than family.
Query (Issue) Started By: - shailesh gupta Dated:- 28-11-2011 Last Reply Date:- 1-12-2011 Income Tax
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Income Tax
Sir, My huf .....

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..... has recived gift from my father's friend HUF which became corpus of our huf. now AO is denying the validity of huf on the basis that huf can be formed by a gift recived from ancestral immovable prope .....

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..... rty. Kindly suggest and from where i can find case laws in support. AO has passed his order and income of huf has been clubbed with that of my father. Reply By Deepak Nagori: The Reply: Dear Shailes .....

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..... h, The IT Act does not define HUF nor does it state how HUF can be formed. In your case, since the HUF received gift from non relatives (who are not family members), it shall be liable to tax in the .....

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..... hands of HUF. The Rajkot ITAT has held HUF to be a group of relatives in Vineet kumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot) Regards CA Deepak Nagori
Discussion Forum - Knowledge Sharing .....

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