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

HUF Gifts Exempt from Income Tax: Section 56(2)(VII) Allows Karta to Gift Property for Pious, Legal, Family Needs.

May 12, 2023

Case Laws Income Tax AT

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

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

HUF Gifts Exempt from Income Tax: Section 56(2)(VII) Allows Karta to Gift Property for Pious, Legal, Family Needs.

May 12, 2023

Case Laws Income Tax AT

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