If a father transfers his property to son's HUF. Will it be considered as transfer to relative u/s 56(2)(vi) [as amended from 1st Oct ]. or will it be taxable under Income from other sources.
the definition of relative as elaborated in each case ends with "........... of an INDIVIDUAL"
As the donee is HUF, it can not have "relatives" and hence the gift is taxable if the aggregate value exceeds Rs. 50,000.
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