Gift by huf to co-parcers

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 huf has transfer the cheque of amt rs 11 lacs to his co-parcers .

is above transaction will cover tax implication? if yes to whom it is payable? which section is support ?

CA. SUDHARSAN K G

CA. SUDHARSAN K G (Expert)
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12 July 2012 Raghavjibhai Bhalodia vs ITO held that the gift received from HUF by a member is exempt on two grounds

1. the HUF is relative for its member

2. Alternatively, the gift from HUF falls under exemption provided u/s 10(2)

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