Gifts received by Individual & HUF - (Old) Section 56(2)(vii) [ Upto 31.03.2017 ]

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....n any previous year • from any person or persons • on or after 01.10.2009 but before 1.4.2017  • shall be taxable under the head of income from 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 Im....

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....ing • Shares & Securities • Jewellery • Archaeological Collection • Drawings • Paintings • Sculptures • Any work of Art or • Bullion Category 4: With consideration / Inadequate consideration (If the Fair Market value of such property exceeds the purchase price by more than 50,000) Va....

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....ion not regarded as transfer under clause (vicb), (vid), (vii) of section 47. For the purpose of this clause, "relative" means- • In case of an Individual • Spouse of the individual • Brother or sister of the individual • Brother or sister of the spouse of the individual • Brother or sister of either of the parents of the individu....

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....he purpose of payment of stamp duty in respect of an immovable property. • These provision are regulated by different clauses of section 56(2) as follows • Section Receipt of Property Property covered Property during which property is received 56(2)(v) Individual / HUF Sum of Money exceeding Rs. 25,000/- On or after 01.0....