Gifts received by Individual & HUF - Section 56(2)(vii)

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..... rces. Asset Gifted Mode Taxability Any sum of money Category 1 : Without Consideration If aggregate value of money exceeds 50,000, the whole of the aggregate value of such money Immovable Property Category 2 : Without Consideration Stamp duty value of such property if it exceeds 50,000 Note :- In a case where the amount of consideration referred to therein, or a part thereof, has been paid by any .....

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..... 0) Value of gift = Fair Market Value Purchase Price Category 5 : Without Consideration Fair Market Value of such property if it exceeds 50,000 Exception of section 56(2)(vii) this clause shall not apply to any sum of money or any property received - From any relative or On the occasion of the marriage of the individual from anyone or under a will or by way of inheritance or in contemplation of dea .....

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..... any member thereof. Notes: Section 56(2)(vii) will have application to the property which is in the nature of a capital asset of the recipient and therefore would not apply to stock-in-trade, raw material and consumable stores of any business of such recipient. Car Wrist watch are not property for the purpose of Section 56(2)(vii) Stamp duty value means the value adopted or assessed or assessable .....

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