HUF Receives Tax-Free Gift of Rs. 7 Lakhs from Uncle; Section 56 Exempts Relative Gifts from Taxation.

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....Addition u/s 56 - the assessee-HUF has received a gift of Rs.7 lacs from a relative who is an uncle of the Karta of this HUF - brother or sister of either of the parents of the individual - not chargeable to tax in the hands of the assessee - AT....