Gift-tax exemption for individual coparcener gifts affirmed, subject to characterisation as individual versus Karta and factual determination required. Exemption under section 5(1)(viii) of the Gift-tax Act, 1958 is allowable when a coparcener makes a gift as an individual from HUF property, with assessment on the donor as an individual; the exemption is not available if the gift is made by the Karta on behalf of the HUF. Gift-tax Officers must assess facts and circumstances and record whether the husband acted as an individual or as Karta. Circular No. 5-D(G.T.) of 1965 is modified.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Gift-tax exemption for individual coparcener gifts affirmed, subject to characterisation as individual versus Karta and factual determination required.
Exemption under section 5(1)(viii) of the Gift-tax Act, 1958 is allowable when a coparcener makes a gift as an individual from HUF property, with assessment on the donor as an individual; the exemption is not available if the gift is made by the Karta on behalf of the HUF. Gift-tax Officers must assess facts and circumstances and record whether the husband acted as an individual or as Karta. Circular No. 5-D(G.T.) of 1965 is modified.
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