Case Law Details
Case Name : Vineetkumar Raghavjibhai Bhalodia Vs. ITO (ITAT Rajkot)
Related Assessment Year : 2005- 06
Courts :
All ITAT ITAT Rajkot
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Vineetkumar Raghavjibhai Bhalodia Vs. ITO (ITAT Rajkot) –From a plain reading of section 56(2)(vi) along with the Explanation to that section and on understanding the intention of the legislature from the section, we find that a gift received from “relative”, irrespective of whether it is from an individual relative or from a group of relatives is exempt from tax under the provisions of section 56(2)(vi) of the Act as a group of relatives also falls within the Explanation to section 56(2)(vi) of the Act. It is not expressly defined in
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Wheher gift by HUF to the minor son of Karta is exempted u/s 56(2) of IT Act ?
Whether the decision of ITAT Rajkot in the case of Vineetkumar Raghavji Bhai Bhalodia is binding on the ITO Bhopal ?
Shall I gift my Individual amount to my HUF a/c, and in the same way my spouse and my son also can gift to my HUF. Is it allowed, Kindly clarify.