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HUF GIFTS NOW FREE FROM TAX!

As per the 2012 amendment effective from 1st October, 2009 in case of an HUF, its member shall be treated as a relative!                  The scope of definition of ‘income’ u/s. 2(24) was widened by the Finance Act, 2004 by providing that ‘income’ would now include any sum referred to in Section 56(2)(v). Section 56(2)(v) was introduced to provide that, “where any sum of money exceeding Rs.25,000 is received...

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