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Manual - Exempted Income u/s 10 - Assessee Specific
As per section 10(2) such receipt shall be exempted in the hands of assessee.
However, such exemption is subject to Section 64(2)
Exemption for HUF distributions may not apply where clubbing rules apply, affecting taxability of co parcener receipts. Amounts received by an individual co parcener from the HUF are exempt in the hands of the assessee under the general exemption for such receipts, subject to the overriding provision dealing with clubbing or attribution of income which can limit that exemption. of Press 'Enter' after typing page number.
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