Taxation of gifts and undervalued property: gratuitous and inadequate receipts treated as taxable income from other sources. The amendment treats certain sums and properties received without consideration or for inadequate consideration by an individual or Hindu undivided family as taxable under income from other sources, using stamp duty value for immovable property and prescribed fair market value for other property, subject to specified exemptions (relatives, marriage, inheritance, contemplated death, local authorities, specified institutions) and allowing valuation referral to a Valuation Officer where stamp duty value is disputed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxation of gifts and undervalued property: gratuitous and inadequate receipts treated as taxable income from other sources.
The amendment treats certain sums and properties received without consideration or for inadequate consideration by an individual or Hindu undivided family as taxable under income from other sources, using stamp duty value for immovable property and prescribed fair market value for other property, subject to specified exemptions (relatives, marriage, inheritance, contemplated death, local authorities, specified institutions) and allowing valuation referral to a Valuation Officer where stamp duty value is disputed.
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