Is gift given by grandfather to the grandson huf exempt?

Grand father covered under relative.

u/s 56 (2) (vii) of the I.T ACT

therefore gift given by grand father to his grand son's will be exempted from tax in individual capacity. but for HUF-any member thereof will be exempted not grand father.

heloo friend...........................

As per section 56 of income tax act....................grand father can give gift to his grand son, NO TAX WILL BE LEVIED.

BUT IN YOUR CASE ...........first gift is recived by the person (grand son) in individual account................. then he can tranfer it to its HUF.............................

NO TAX WILL BE LEVIED.

THANK YOU