TaxTMI 
TaxTMI 
TaxTMI 
Are there any cases in which the value of immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax?
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....t any consideration and the stamp duty value exceeds Rs. 50000. However, in the following cases nothing will be charged to tax in respect of immovable property received on or after 01/10/2009 without any consideration, even if the stamp duty value exceeds Rs. 50,000: * from any relative or by a HUF from its members; or * on the occasion of the marriage of the individual; or * under a will/ ....
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....ceived on or after 1st day of April, 2017) * from or by a trust or institution registered under section 12A, section 12AA or section 12AB [w.e.f. AY 2023-24, this exemption is not available if property is received by a specified person referred to in section 13(3)].; or * by way of transaction not regarded as transfer: (applicable if the property is received on or after 1st day of April, 2017)....
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....sulting company is an Indian company. [sec. 47(vib)] * property received by a banking institution from banking company in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949) [sec. 47(viaa)] * property received by successor co-oper....
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....xtent that such sum doesn't exceed Rs. 10 lakh. Note: The member must receive the payment within 12 months from the date of death of such person and satisfy the following conditions: (a) the death of the individual should be within 6 months from the date of testing positive or from the date of being clinically determined as a COVID-19 case; (b) the family member of such individual shall keep ....