https://www.taxtmi.com/article/detailed?id=775 Section 56 amendments tax certain gifts received by individuals and HUFs as income from other sources when specified categories of receipts exceed the monetary threshold and are not exempt; exemptions include gifts from relatives, on marriage, under a will, in contemplation of death and from specified public bodies. Taxable categories comprise cash, movable property (including jewellery, shares, securities, artworks), immovable property without consideration measured by stamp duty value, and transfers at consideration below fair market or stamp duty value. Valuation rules prescribe market-quoted prices for listed securities, book value for unlisted equity, certified estimated sale prices for other share types, open-market or invoice pricing for jewellery, and registered valuer reports where applicable. en-us Wed, 28 Apr 2010 00:00:00 +0530 Wed, 28 Apr 2010 17:10:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=775 Section 56 amendments tax certain gifts received by individuals and HUFs as income from other sources when specified categories of receipts exceed the monetary threshold and are not exempt; exemptions include gifts from relatives, on marriage, under a will, in contemplation of death and from specified public bodies. Taxable categories comprise cash, movable property (including jewellery, shares, securities, artworks), immovable property without consideration measured by stamp duty value, and transfers at consideration below fair market or stamp duty value. Valuation rules prescribe market-quoted prices for listed securities, book value for unlisted equity, certified estimated sale prices for other share types, open-market or invoice pricing for jewellery, and registered valuer reports where applicable. Articles Income Tax Wed, 28 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=775