https://www.taxtmi.com/caselaws?id=786119 Immovable property formally vested through a registered gift deed pursuant to a genuine family settlement among Hindu Undivided Family members is not deemed income under Section 56(2)(vii)(b). Members of an HUF qualify as relatives under the relevant explanation and proviso, bringing such gifts within the statutory exclusion. Where the gift deed merely formalises title distribution under the family settlement, it also does not constitute a transfer under Section 2(47). The stated result is that the revenue's appeal fails and the treatment favours the assessee. en-us Wed, 04 Feb 2026 00:00:00 +0530 Fri, 18 Sep 2026 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786119 Immovable property formally vested through a registered gift deed pursuant to a genuine family settlement among Hindu Undivided Family members is not deemed income under Section 56(2)(vii)(b). Members of an HUF qualify as relatives under the relevant explanation and proviso, bringing such gifts within the statutory exclusion. Where the gift deed merely formalises title distribution under the family settlement, it also does not constitute a transfer under Section 2(47). The stated result is that the revenue's appeal fails and the treatment favours the assessee. Case-Laws Income Tax Wed, 04 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786119