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 :-

Particulars Condition Taxable Amount
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

And

Stamp Duty Value > 105% of Consideration

(Stamp Duty Value – Consideration) is taxable.

*Value per property will be calculated in this case.

3. Movable Property :-

Particulars Condition Taxable Amount
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

Author Bio

Qualification: CA in Job / Business
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Location: Aurangabad, Maharashtra, India
Member Since: 04 Oct 2019 | Total Posts: 4

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