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Answer: Following type of gits are chargeable to tax if received by an individual or HUF subject to certain conditions: -
1. Monetary Gifts: -
Any sum of money whether by way of cash, cheque, bank draft or any other banking transfer modes, received without consideration is called the “Monetary Gifts.”
2. Gift of Movable Asset: -
Any prescribed movable asset received by an individual or HUF without consideration is called “Gift of Movable Asset.”
Gifted Prescribed Asset for tax chargeability consists of shares or securities, jewellery, paintings, drawings, archaeological collections, sculptures or any other work of art and bullion being capital asset of the taxpayer.
3. Gift of Movable Asset at Concessional Price: -
Any prescribed movable asset received by an individual or HUF with consideration less than its market value is called “Gift of Movable Asset at concessional price.”
4. Gift of Immovable property: -
Any immovable property received by an individual or HUF without consideration is called “Gift of immovable property.”
5. Gift of Immovable property at Concessional Price: -
Any immovable property received by an individual or HUF with consideration less than its stamp duty value i.e. derived by multiplying area with the Govt prescribed rates for stamp duty calculation is called “Gift of immovable property less than its stamp duty value.”
Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 863
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
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Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
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Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
Up to when we can expect the new Income tax forms for FY 2019-20.
Date Posted 26-Apr-2020
Comment / Read More
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