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Gifts received by Individual & HUF - [Sec. 56(2)(vii)]

Income Tax - Income from Other Sources - 02 - SEC 56(2)(vii):- Gifts received by Individual & HUF Where an individual or a Hindu Undivided Family receives, in any previous year from any person or persons before 1.4.2017 (Inserted by FA, 2017, w.e .....

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alue of property if it exceeds 50,000 Category 3: With consideration / Inadequate consideration (If stamp duty value exceeds the purchase price by more than 50,000) Value of gift = Stamp Duty Value - Purchase Price Property being Shares & Securit .....

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e of gift = Fair Market Value - Purchase Price Category 5: Without Consideration Fair Market Value of such property if it exceeds 50,000 shall be taxable as income from other sources. Provided that this clause shall not apply to any sum of money or a .....

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rom any fund or foundation or university or hospital or any trust or institution referred to in Clause (23C) of section 10 or from any trust or institution registered u/s 12AA; or by way of transaction not regarded as transfer under clause (vicb), (v .....

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