gift of 5000

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dr.prakashanandpandey@gmail.co

1 Points Joined June 2017

section regarding 5000 rs as gift limits

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Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210812 Points Joined July 2016

Provision Contained in Sec-56(2)(Vii)-

Where an individual or HUF receives in any previous year, from any person or persons-

(a) any sum of money, without consideration , the aggregate value of which exceeds Rs. 50,000/-, the whole of the aggregate value is taxable,

(b) any immovable property,-

I. without consideration, the stamp duty value of which exceeds Rs. 50,000/-, the stamp duty value of such property is taxable,

II. received for a consideration which is less than the stamp duty value of the property and difference is more than Rs.50,000/- then such difference is taxable

I. without consideration , the aggregate fair market value of which exceeds Rs. 50,000/-, the whole of the aggregate fair market value is taxable,

II. received for a consideration which is less than the aggregate fair market value of the property and difference is more than Rs.50,000/- then such difference is taxable

Section 56(2)(vi) provides that any ‘sum of money’ (in excess of the prescribed limit of `50,000)
received without consideration by an individual or HUF will be chargeable to Income Tax in the
hands of the recipient under the head ‘Income from Other Sources’.
However, receipts of money (a) from relatives or (b) on the occasion of marriage or (c) under a
will or inheritance or (d) in contemplation of death of payee or donor are outside the scope of the
provisions of Section 56(2)(vi) of the Income-tax Act.