Explain the taxability or otherwise of the following transactions entered into during the previous year 2019-20 in the hands of the recipients as per provisions contained under the Income-tax Act, 1961 : (i) Nistha, a me

S. No. Taxable or Non-taxable Amount liable to Tax (₹) Reasons as per provisions of Income tax Act, 1961 as to Taxability or Non-Taxability i) Non-Taxable Nil Any Immovable property received without consideration by a HUF from any of its members covered under the definition of relative and therefore not taxable under section 56(2)(x) of the Income tax Act, 1961. Since Ms. Nistha is a member of the HUF, she is a relative of her father's HUF. Hence the stamp duty value of ₹ 15,00,000 of House Property on the date of transfer is not taxable in the hands of HUF. The Income of rent derived from such transferred house property by the HUF would be clubbed in the hands of Ms. Nistha under section 64(2) of the Income tax Act, 1961.