Gifts of prescribed movable property: certain interpersonal and institutional transfers are exempt from tax when statutory conditions are met.

Prescribed movable property acquired by an individual or HUF for less than fair market value is chargeable to tax unless specific exemptions apply, including gifts from relatives, HUF members, on marriage, under a will or by inheritance, in contemplation of death, from local authorities, and from certain charitable, educational, medical and similar institutions subject to conditions and recipient exclusions; limited additional exemptions exist for specified trust transactions and transfers to trusts for relatives, and further categories may be prescribed.

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