Income Tax Act Section 56: "Relative" now includes groups like Hindu Undivided Family, allowing gift rights to eligible relatives.

Income Tax Act Section 56: "Relative" now includes groups like Hindu Undivided Family, allowing gift rights to eligible relatives. https://www.taxtmi.com/highlights?id=18390 Addition made u/s 56 - the word relative includes 'relatives' and such 'relatives' coming together as a group and constituting themselves as a legal entity, viz. 'HUF', are not disentitled from their original right of giving gifts to any eligible relative either within or outside the ring of HUF - AT en-us Fri, 02 May 2014 19:17:25 +0530 Fri, 02 May 2014 19:17:25 +0530 TaxTMI RSS Generator Income Tax Act Section 56: "Relative" now includes groups like Hindu Undivided Family, allowing gift rights to eligible relatives. https://www.taxtmi.com/highlights?id=18390 Addition made u/s 56 - the word relative includes 'relatives' and such 'relatives' coming together as a group and constituting themselves as a legal entity, viz. 'HUF', are not disentitled from their original right of giving gifts to any eligible relative either within or outside the ring of HUF - AT Highlights Income Tax Fri, 02 May 2014 19:17:25 +0530 https://www.taxtmi.com/highlights?id=18390