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Query: When a Gift of movable asset at concessional price is chargeable to tax

Category: Income Tax

Answer: A Gift of movable asset at concessional price is chargeable to tax if following conditions are satisfied: - i. The Movable asset should be a prescribed asset. The list of Gifted Prescribed Asset for tax chargeability consists of shares or securities, jewellery, paintings, drawings, archaeological collections, sculptures or any other work of art and bullion being capital asset of the taxpayer. ii. The prescribed movable asset should be received by an Individual or HUF. iii. The prescribed movable asset should be received at less than its fair market value. iv. The aggregate fair market value of those gifted prescribed assets should exceed Rs. 50000 by actual value charged to an Individual or HUF in a financial year. v. Gift is not received from any exempted list of person or occasion.

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 427



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