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Section 56 relating to gift to relative

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(Querist)
04 June 2012 Is gift to brother huf taxable u/s 56 of the income tax act
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Prof. Bajaj

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Prof. Bajaj (Expert)
05 June 2012 In my opinion, if the gift is more than Rs. 50,000 then it will be taxable in the hands of HUF.

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