Gift received from a HUF by a member of HUF is exempt from tax

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Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)(vi) of the Act, we hold accordingly.

May 20, 2017 at 12:28PM

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from CA Sandeep Kanoi

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