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of <h1>Section 47(i) exempts Hindu Undivided Family asset distribution from being considered a transfer, ensuring continuity in tax treatment.</h1> Section 47(i) of the Income Tax Act addresses the distribution of capital assets during the total or partial partition of a Hindu Undivided Family (HUF). Such distributions are not considered transfers under the law. The transferor is the HUF, and the transferee is any member of the HUF. The capital asset involved retains the cost basis from the previous owner, which is the HUF, and the period of holding (POH) of the previous owner is also considered for the transferee. This provision ensures continuity in the treatment of capital assets within the family structure.
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