|Question And Answer|
|Subject:||gift to nephews|
|Answered by:||Advocate Shashi Ashok Bekal|
|Tags:||gift to nephews|
|Date:||April 29, 2023|
a firm has 2 partners who are real brothers . They wish to gift a depreciated office of the firm to first son of third brother and non depreciated building of the firm to another son of 3rd bro,
firm has running business too for the existing partners .
Any tax liability any other section like 56 /45 etc in the hands of firm, partners and 2 sons of 3rd brother ?
can firm give gift as above ?
The firm is a separate entity under the Scheme Income-tax Act, 1961, transfer from the firm to the third parties will attract section 56(2)(x) of the Act in the hands of the recipient.