An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case?

An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case? https://www.taxtmi.com/manuals?id=4117 For immovable property received without consideration by an individual or HUF, the monetary threshold for taxable gifts is applied transaction-wise and separate immovable gifts in the same year are not to be aggregated; if no single property's stamp value exceeds the threshold, such gifts are not treated as taxable despite a higher aggregate stamp value. en-us Mon, 25 Dec 2023 12:50:00 +0530 Mon, 25 Dec 2023 12:50:00 +0530 TaxTMI RSS Generator An individual received gift of three properties from his friend. The value of none of the property exceeded Rs. 50,000, but the aggregate value of these three properties exceeded Rs. 50,000. What will be the tax treatment of gift in this case? https://www.taxtmi.com/manuals?id=4117 For immovable property received without consideration by an individual or HUF, the monetary threshold for taxable gifts is applied transaction-wise and separate immovable gifts in the same year are not to be aggregated; if no single property's stamp value exceeds the threshold, such gifts are not treated as taxable despite a higher aggregate stamp value. Manuals Income Tax Mon, 25 Dec 2023 12:50:00 +0530 https://www.taxtmi.com/manuals?id=4117