https://www.taxtmi.com/article/detailed?id=511 Section 56(2)(vi) of the Income Tax Act makes certain gifts taxable as income from other sources for individuals and HUFs from 1 October 2009: cash and non cash gifts from non relatives above the prescribed threshold are taxable, and property transfers for inadequate consideration are taxed on the difference between the notified rate and actual consideration. Exemptions include gifts from specified relatives, gifts on marriage, inheritances, gifts in contemplation of death, gifts from local authorities and specified charitable or educational institutions. en-us Thu, 01 Oct 2009 00:00:00 +0530 Thu, 01 Oct 2009 12:51:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=511 Section 56(2)(vi) of the Income Tax Act makes certain gifts taxable as income from other sources for individuals and HUFs from 1 October 2009: cash and non cash gifts from non relatives above the prescribed threshold are taxable, and property transfers for inadequate consideration are taxed on the difference between the notified rate and actual consideration. Exemptions include gifts from specified relatives, gifts on marriage, inheritances, gifts in contemplation of death, gifts from local authorities and specified charitable or educational institutions. Articles Income Tax Thu, 01 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=511