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          Income Tax

          Does any taxability arise if prescribed movable property is received by an individual or HUF for less than its fair market value?

          FAQs on Gifts received by an individual or HUF

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          Taxability of prescribed movable property received below fair market value arises when aggregate FMV exceeds consideration by statutory threshold. Taxability arises where an individual or HUF acquires prescribed movable property-shares or securities, jewellery, archaeological collections, drawings, paintings, sculptures or any work of art, and bullion-as capital assets and the aggregate fair market value of such properties in the year exceeds the aggregate consideration by more than the statutory threshold; movables outside that definition are not charged to tax when received below fair market value.
                            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.

                                  Taxability of prescribed movable property received below fair market value arises when aggregate FMV exceeds consideration by statutory threshold.

                                  Taxability arises where an individual or HUF acquires prescribed movable property-shares or securities, jewellery, archaeological collections, drawings, paintings, sculptures or any work of art, and bullion-as capital assets and the aggregate fair market value of such properties in the year exceeds the aggregate consideration by more than the statutory threshold; movables outside that definition are not charged to tax when received below fair market value.


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