Gift

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Jatin Singh Negi (Querist)
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12 October 2009 What is the basis of Taxing the gift received in kind and cash.
Is the one time payment of cash/kind is taken into consideration or the aggregate of the amount received in the whole year is considered.

Thanks in advance for the help and Happy Diwali in advance.
Jatin

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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12 October 2009 where an individual or a Hindu undivided family receives, in any previous year, from
any person or persons on or after the 1st day of October, 2009,â€”
(a) any sum of money, without consideration, the aggregate value of which exceeds fifty
thousand rupees, the whole of the aggregate value of such sum;
(b) any immovable property,â€”
(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees,
the stamp duty value of such property;
(ii) for a consideration which is less than the stamp duty value of the property by an
amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds
such consideration;
(c) any property, other than immovable property,â€”
(i) without consideration, the aggregate fair market value of which exceeds fifty thousand
rupees, the whole of the aggregate fair market value of such property;
(ii) for a consideration which is less than the aggregate fair market value of the property
by an amount exceeding fifty thousand rupees, the aggregate fair market value of such
property as exceeds such consideration:
Provided that where the stamp duty value of immovable property as referred to in subclause
(b) is disputed by the assessee on grounds mentioned in sub-section (2) of section
50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer,
and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may
be, apply in relation to the stamp duty value of such property for the purpose of sub-clause
(b) as they apply for valuation of capital asset under that section:
Provided further that this clause shall not apply to any sum of money or any property
receivedâ€”
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer or donor, as the case may be; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital
or other medical institution or any trust or institution referred to in clause (23C) of section
10; or
(g) from any trust or institution registered under section 12AA.

Jatin Singh Negi

Jatin Singh Negi (Querist)
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13 October 2009 if a Mr. A gives three times in a year an equal amount or something in kind having a value of Rs 49999/- to Mr. B person without consideration, will the amount of Rs. 149997 qualify for taxation in the hands of Mr. B .

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