Addition as gift from assessee HUF which was exempted u/s ...

Income Tax

May 12, 2023

Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'. The Karta of the 'HUF', even can gift the 'HUF' property for pious purpose and even he can contract a debt for the legal necessity and for family purposes and can bind the other members to the extent of their interest in the family property.- Additions u/s 56(2)(vii) deleted - AT

View Source

← Previous Next →

Addition as gift from assessee HUF which was exempted u/s ...

Income Tax

May 12, 2023

You may also like:

Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

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...

Gift chargeable to tax in the hands of HUF - assessee could not show us any commentary on Hindu law or any other authoritative material, which says that mother of Karta...

Addition u/s 56(2)(vii)(b) - additional income - assessee has suo motu declared this amount post survey proceedings u/s 133A on the assessee - the addition under section...

Addition of gift u/s 56(2)(vii) - gift been received by the assessee directly from the uncle - The only reason to treat the same as the income of the assessee is that...

Receipt of Gift from HUF - income from other sources - whether HUF comes under the term ‘group of relatives’ defined u/s 56(2)? - Held Yes - Receipt of Gift from HUF -...

Addition u/s 56(2)(vii)(b) - difference amount between the SRO value and the actual consideration paid - dispute between the parties settled through arbitration - no...

Gift from HUF - HUF can be treated as a ‘relative’ under the provisions of section 56(2) so as to exclude the amount received from HUF by the assessee-individual -...

Addition u/s 56(2)(vii)(c)(ii) - allotment of shares to assessee shareholder at a value lower - whether Tax to be paid by the shareholders or the company? - The shares...

Addition u/s 56(2)(vii)(b)(ii) - FMV of property - The events subsequent to the transaction of “transfer” of the immovable property under consideration will have no...

Addition as income from other sources - Stamp value in excess of consideration price - gift of flat to a grandson - Addition made against the clubbing of income u/s...

Addition u/s 56(2)(vii)(b) - AO referred the valuation of property to Valuation Cell and DVO - difference between the DVO value and consideration paid for purchase of...

Addition u/s 56(2)(vii)(b)(ii) - difference between the stamp duty value and purchase value of agricultural land (immovable property) - the agricultural land purchased...

Addition u/s 56(2)(vii) - relevant Section 50C cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a...

Quick Updates: