Gifts received by Individual & HUF - Section 56(2)(vii)

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....rom other sources. Asset Gifted Mode Taxability Any sum of money Category 1: Without Consideration If aggregate value of money exceeds 50,000, the whole of the aggregate value of such money Immovable Property Category 2: Without Consideration Stamp duty value of such property if it exceeds 50,000 Note :- In a case where the amount of consideration referred to therein, or a part thereof....

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....ue of such property exceeds the purchase price by more than 50,000) Value of gift = Fair Market Value - Purchase Price Category 5: Without Consideration Fair Market Value of such property if it exceeds 50,000 Exception of section 56(2)(vii) this clause shall not apply to any sum of money or any property received - * From any relative or * On the occasion of the marriage of the individual....