Regarding exemption for gifts given by HUF.

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Full Text of the Document

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....on 5(1)(viii) of the Gift-tax Act, 1958, can be allowed in respect of the gifts made by an individual out of the property of Hindu Undivided Family. 2. The Board are advised that if a gift is made by a coparcener as an individual even though out of his property in the HUF, exemption under section 5(1)(viii) is allowable if other conditions are fulfilled. Gift-tax assessment in such a case would....