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Query: In what cases, Gift of movable assets without consideration or at less than fair market value are not chargeable to tax

Category: Income Tax

Answer: In the following situations, even any prescribed movable asset received by Individual or HUF without consideration or at less than fair market value are not chargeable to tax: - 1. Gift of any movable asset received by an Individual from the person covered in the definition of “Relative”. 2. Gift of any movable asset received by HUF from its members. 3. Gift of any movable asset received by an Individual from any person on occasion of his /her marriage. 4. Gift of any movable asset received by an Individual or HUF by way of inheritance or by will. 5. Gift of any movable asset received from any fund, foundation, hospital, educational institution, university, trust / Institution, registered under section 10(23C), 6. Gift of any movable asset received from a local authority. 7. Gift of any movable asset received in contemplation of death of payer or donor. 8. Gift of any movable asset received from a trust or institution registered u/s 12AA.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 425



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