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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.f. 1-4-2017) 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 v .....

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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 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 death of the payer or from any local authority as defined in Section 10(20) or f .....

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