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Gifts From HUF Exempt u/s 56(2)(v) as HUF is a Gorup of relatives – ITAT Rajkot
Case Law Details
- Case Name
- Vineetkumar Raghavjibhai Bhalodia Vs. ITO (ITAT Rajkot)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- 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 the Explanation that the word “relative” repr...
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.