gift (immovable property) received by karta from huf , is it taxable in the hands of karta?
gift (immovable property) received by karta from huf , is it taxable in the hands of karta?
absolutely no. u/s 56(2)(vii).
as per sec 56, in the case of individual relative definition not includes huf, ( As per recent amendment: in the case of huf, individual is relative, so gift received by huf from individual not taxable in the hands of huf ) so is there any case law or other provision regarding exemption of gift received by karta from huf.
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