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Are gifts of movable property received by an individual or HUF charged to tax?

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Full Text of the Document

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....sideration (i.e., received as gift). * The aggregate fair market value of such property received by the taxpayer during the year exceeds Rs. 50,000 In above case, the fair market value of the prescribed movable property will be treated as income of the receiver. (*) Prescribed movable property means shares/securities, jewellery, archaeological collections, drawings, paintings, sculptures or an....

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