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Huf receive gift

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(Querist)
11 November 2014 Mr. A is son of Mr. X, now after partition of M/s X HUF, Mr. X gifted of Rs. 7,00,000 to M/s A HUF... then what is tax treatment?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
11 November 2014 given that definition of relative for HUF is "members only", this transaction should normally attract taxation.

cases like Harshabhai Vaidhya should not hold good post 2012 amendment..

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