Held that Hindu Undivided Family (HUF) is a group of relatives hence the gift received by an individual from HUF is exempt under section 56(2)(vii) of the Act. Followed, CIT v. Ateev V. Gala (ITA No. 1906/ Mum/ 2014 dt. 19th April 2017, Panki Garg v. PCIT (2019) 201 TTJ 378 /181 DTR 305/ 178 ITD 282 (Chd)(Trib). The Tribunal also held that the assessee being member of HUF as gift from current year’s income is exempt under section 10(2) of the Act. (AY. 2012-13)
Pandya Munde (Smt) v. CIT(A) (2023) 226 TTJ 49 (UO) (Mum)(Trib)
S. 56 : Income from other sources-Gift received from Hindu Undivided Family (HUF)-Group of relatives-Exempt under section 56(2)(vii) of the Act-Amount received by member of HUF exempt under section 10(2) [ S. 10(2), 56(2)(vii)]