Safder Alam
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Background of the provision Over a period of time, the Government of India has time to time amended these provisions. Before 2017, Gift was taxable in hands of Individual, HUF, Firm and Closely held Company at tax is levied at the rates prescribed by Finance Act. The scope of chargeability und
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FAQ :
Section 56(2)(X) of the Income Tax Act, 1961, deals with the taxability of certain receipts, including gifts and property, received by individuals and others. It specifies when such receipts are considered income and subject to tax.
This section applies when a person receives money or property (like immovable property or other specified assets) without consideration, or for a consideration less than its fair market value, if the value or the difference exceeds Rs. 50,000.
Yes, the provision does not apply to receipts from relatives, on the occasion of marriage, under a will or inheritance, in contemplation of death, or from certain specified institutions and trusts.
Stamp Duty Value is the value adopted or assessed by government authorities for the purpose of paying stamp duty on immovable property. It's used to determine if the consideration paid for property is inadequate under Section 56(2)(X).
If the value of a property has been taxed under Section 56(2)(X) upon receipt, the cost of acquisition for calculating capital gains upon its subsequent transfer is deemed to be that same value.
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