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Answer: In case of gift of prescribed movable asset, if the aggregate fair market value in the hands of receiver exceeds Rs. 50000, the total fair market value of all the gifted prescribed asset is chargeable to tax.
Here the limit of 50000 is just to determine chargeability, it’s not a deduction, if the fair market value of gift exceeds Rs. 50000, then the entire fair market value of gift would be chargeable.
Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 774
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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