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Query: What is value of taxable amount in case of Gift of Movable Asset at concessional price

Category: Income Tax

Answer: In case of gift of prescribed movable asset, if the aggregate fair market value in the hands of receiver exceeds Rs. 50000 by the actual value charged, the total fair market value minus the actual consideration charged of all the gifted prescribed asset is chargeable to tax. Here the limit of 50000 is just to determine chargeability, it’s not a deduction, if the fair market value of gift is Rs. 180000 and the actual price charged is Rs.100000, here the fair market value exceeds from actual value by Rs. 80000, then the value of gift would be entire Rs. 80000.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 440

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