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

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, the total fair market value 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 exceeds Rs. 50000, then the entire fair market value of gift would be chargeable.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 371



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