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Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership firm has only two partners– father of X and Mrs. X. The stamp duty value of the plot of land is 19,00,000.

19 August, 2015

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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.

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Acts Income Tax
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