Gift received from HUF is a capital receipt in the hand of member

FCS Deepak Pratap Singh , Last updated: 18 December 2021
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Pankil Garg v. PCIT (2019) 178 ITD 282 (Chd.)(Trib.). ITAT DECISION Income from other sources - HUF - Gift - Amount received as gift from HUF, being its member, is a capital receipt not liable to tax - Revision is held to be not valid. Gifts not chargeable to tax [Sec. 56(2)(vii)] Any su

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Published by

FCS Deepak Pratap Singh
(Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.))
Category Income Tax Report

Gift received from HUF is a capital receipt in the hand of member

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