Article briefly explains Taxability of Gifts received in the form of Money, Immovable Property and Movable Property.
1. Money :-
If aggregate money received in F.Y. is greater than Rs. 50,000, then entire amount is Taxable.
2. Immovable Property :-
|Without Consideration||If Stamp Duty Value > 50,000||Entire Stamp Duty Value is taxable|
|With Consideration (lower than Stamp Duty Value)||If (Stamp Duty Value – Consideration) > 50,000
Stamp Duty Value > 105% of Consideration
|(Stamp Duty Value – Consideration) is taxable.|
*Value per property will be calculated in this case.
3. Movable Property :-
|Without Consideration||If Aggregate Fair Market Value > Rs. 50,000||Entire Fair Market Value is taxable.|
|With Consideration (lower than Fair Market Value)||If (Aggregate of Fair Market Value – Consideration) > Rs. 50,000||(Fair Market Value – Consideration) is taxable.|
*Movable Property includes Shares, securities, jewellery, archaeological collections, drawings, paintings, sculptures, any work of art, bullion.
Exclusions from Gifts – Not Taxable :-
√ From any relative
√ On the occasion of marriage
√ Under a will or by way of inheritance
√ In contemplation of death of the donor
√ From any local authority
√ From any fund/university/educational institution/hospital/medical institution referred in section 10(23C)
√ From any trust registered u/s 12A or 12AA
√ From an individual by a trust created for the benefit of relative of the individual.
√ By way of transactions not regarded as transfer u/s 47