gift

Is gift received from HUF by a member of HUF tax free?

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Gift received from HUF is tax free or not was a great controversy . However,income tax tribunal, Rajkot in case of Vineetkumar Raghavjibhai Bhalodia vs ITO has held that the gift received from HUF by a member is exempt on two grounds the HUF is relative for its member Alternatively, the gift from HUF falls under exemption provided u/s 10(2) Form…