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

Income Tax - Income from Other Sources - 02 - SEC 56(2)(vii) (Applicable w.e.f. 1st October 2009) Where an individual or a Hindu Undivided Family receives, in any previous year from any person or persons Asset Gifted Mode Taxability 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 property if it exceeds 50,000 Category 3: With consideration / .....

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Price Category 5: Without Consideration Fair Market Value of such property if it exceeds 50,000 shall be taxable as income from other sources. It would, however, not include any receipt of money or property: 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 from any fund or foundation or university or hospital or any trus .....

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