Gift received by Individual or HUF - (New) Section 92(2)(m) or (3) / Section 56(2)(x)

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....€¢ the stamp duty value of such property that exceeds such consideration, if this excess amount is more than the higher of the following amounts:- • (I) Rs. 50000; or • (II) 10% of the consideration; • (a) Different Date of Agreement and Date of Registration • If the Agreement date and Registration date are different for the transfer of immovable property,  • then: • the stamp duty value as on the agreement date (instead of registration date value) • But only if:  • Some or all of the consideration was paid on or before the agreement date, and • Payment was made through specified banking or Online modes....

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....¢ (d) In contemplation of death of the donor. • (e) From any local authority as defined in Schedule III (Note 6) . • (f) From or by a registered non-profit organization, except when received by any person referred to in section 355(h); • (g) Through specific corporate restructuring transactions (mergers, demergers, etc.) not regarded as "transfers" under section 70(1) • (h) From an individual by a trust created solely for the benefit of their relative. • (i) From other prescribed class of persons and fulfill the conditions specified under Rule 58. Key Definitions for the purpose Gift Taxation [ Section 92(5) ] • "Property"&nb....

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....eeds Rs.50,000, the whole of the aggregate value of such money Immovable Property Category 2: Without Consideration Stamp duty value of property if it exceeds Rs.50,000 Category 3: With consideration / Inadequate consideration (If stamp duty value exceeds the purchase price by more than Rs.50,000 and amount equals to 10% of the consideration.) Value of gift = Stamp Duty Value - Purchase Price • shall be taxable as income from other sources. • Provided that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be taken for the purposes of this s....

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....p;(vica), (vicb), (vid), (vii), (viiac), (viiad), (viiae), of section 47. • from an individual by a trust created or established solely for the benefit of relative of the individual. • from such class of persons and subject to such conditions, as may be prescribed. • Prescribed class of persons for the purpose of clause (XI) of the proviso to clause (x) of sub-section 56(2). (Rule 11UAC) • by an individual, from any person, in respect of any expenditure actually incurred by him on his medical treatment or treatment of any member of his family, for any illness related to COVID-19 subject to such conditions, as the Central Government may, by notification in....