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Chapter No. 02 - Other Sources - Gifts received by Individual & HUF - [Sec. 56(2)(vii)]
Taxable, since partnership firm is not “relative” even if relatives of X are partners.
Taxability of gifts: transfers from a partnership firm to an individual are taxable when the firm is not a relative. A gift of immovable property from a partnership firm to an individual is taxable under the gift provisions because a partnership firm is not a 'relative' even if the partners are relatives; the stamp duty valuation of the plot is noted for valuation reference. of Press 'Enter' after typing page number.
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