ITAT explains Meaning of term “relative” in context of HUF

Subodh Gupta (HUF) Vs Pr CIT (ITAT Delhi) Whether the gift of 75,000 equity shares of a private limited company received by assessee HUF from Mrs. Sneh Gupta is chargeable to tax under section 56 (2) (vii) of the act. According to provisions of section 56 (2) (vii) , where any individual or Hindu undivided family receives in any previous year from any person or persons on or after the 1st day of October 2009 but before the 1st day of April 2017, any sum of money or property without consideration, aggregate fair market value of which exceeds Rs. 50,000, the whole of the fair market value of suc...