03 October 2016
As in the Act There is no specification in the definition of Relative that HUF is relative or Not but the Rajkot bench of Tribunal has held that even gift received by an Individual from a group of relatives (Like HUF) will be exempt from Tax- Vineetkumar Raghavjibhai Bhalodia v. ITO (2011) 46 SOT 97. For details please go to the link http://itatonline.org/archives/vineetkumar-raghavjibhai-bhalodia-vs-ito-itat-rajkot-huf-is-a-relative-for-gifts-exemption-us-562v-vi-vii/ http://www.taxpundit.org/phocadownload/DTR_ITAT/58DTR(ITAT)/58DTR_ITAT_412.pdf Hope your doubt will be clear. Thanks.
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