711/CBDT.

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....re, however, advised that in a case in which there is only one co-parcener, it is competent for that coparcener to make a gift of the ancestral property. The ancestral property in the hands of a coparcener who is the only coparcener of the HUF at the relevant time is for all practical purposes at par with self-acquired property. It, therefore, follows that gifts made by a coparcener of the HUF, if....