Gift received by Individual or HUF on or after 01.04.2017 - Section 56(2)(x) - Income Tax - Ready Reckoner - Income Tax

Section 56(2)(x) - Gift received by Individual or HUF on or after 01.04.2017 Where an individual or a Hindu Undivided Family receives, in any previous year from any person or persons on or after 1.4.2017 Asset Gifted Mode Taxability Any sum of money Category 1 : Without Consideration If aggregate value of money exceeds 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 sub-clause where the amount of consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed, on or before the date of agreement for transfer of such immovable property. Any property other than immovable property Category 4 : With consideration / Inadequate consideration (If the Fair Market value of such property exceeds the purchase price by more than Rs.50,000) Value of gift = Fair Market Value Purchase Price Category 5 : Without Consideration Fair Market Value of such property if it exceeds Rs.50,000. Provided that this clause shall not apply to any sum of money or any property received - From any relative or On the occasion of the marriage of the individual from anyone or under a will or by way of inheritance or in contemplation of death of the payer or from any local authority as defined in Section 10(20) or from any fund or foundation or university or hospital or any trust or institution referred to in section 10(23C) or from any trust or institution registered u/s 12AA ; or by way of transaction not regarded as transfer under clause clause (i), (iv), (v), (vi), (via), (viaa), (vib), (vic), (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 the Official Gazette, specify in this behalf; by a member of the family of a deceased person,- (A) from the employer of the deceased person; or (B) from any other person or persons to the extent that such sum or aggregate of such sums does not exceed ten lakh rupees, where the cause of death of such person is illness related to COVID-19 and the payment is- (i) received within twelve months from the date of death of such person; and (ii) subject to such other conditions, as the Central Government may, by notification in the Official Gazette, specify in this behalf.