TMI BlogAddition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than...Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'. The Karta of the 'HUF', even can gift the 'HUF' property for pious purpose and even he can contract a debt for the legal necessity and for family purposes and can bind the other members to the extent of their interest in the family property.- Additions u/s 56(2)(vii) deleted - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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