05 January 2009
X, Karta of HUF, out of the HUF Funds an Asset of Rs. 50 lakhs each gifted to his nephew & niece on 1st Nov 2008. The coparceners of the HUF challenged the gifts and as a consequence gifts were held to be void. Whether the asset of the amount of Rs. 1 crore is taxable as wealth of X HUF for the valuation date 31st March, 2009 or not? Who is liable to Pay Wealth Tax?
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