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Property received from husband's sister under a Release Deed without consideration - Taxablity

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19 September 2023 Sir / Madam, Please enlighten. Whether property received from husband's sister under a Release Deed without consideration is taxable? And whether aquisition of property through a Release Deed without consideration from husband's sister is liable to be reported in IT Returns?
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
20 January 2024 If the aggregate fair market value of prescribed movable property received by an individual or HUF without consideration during the year exceeds Rs. 50,000, then the total value of such properties received during the year without consideration will be charged to tax.

https://incometaxindia.gov.in/Tutorials/18.%20Tax%20treatment%20of%20gifts.pdf
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