An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case? https://www.taxtmi.com/manuals?id=4123 If the aggregate fair market value of prescribed movable property received without consideration by an individual or HUF during the year exceeds the statutory threshold, the entire value of such properties received in that year is chargeable to tax; accordingly, where jewellery gifts from friends in the year aggregate above the threshold, the full fair market value of those gifts is taxable. en-us Mon, 25 Dec 2023 13:01:00 +0530 Mon, 25 Dec 2023 13:01:00 +0530 TaxTMI RSS Generator An individual received gift of jewellery from his friends. The total value of jewellery received during the year as gift from all the friends amounted to Rs. 84,000. What will be the tax treatment of gift in this case? https://www.taxtmi.com/manuals?id=4123 If the aggregate fair market value of prescribed movable property received without consideration by an individual or HUF during the year exceeds the statutory threshold, the entire value of such properties received in that year is chargeable to tax; accordingly, where jewellery gifts from friends in the year aggregate above the threshold, the full fair market value of those gifts is taxable. Manuals Income Tax Mon, 25 Dec 2023 13:01:00 +0530 https://www.taxtmi.com/manuals?id=4123