• Taxinfo.in

Receipts without Considerations – Section 56(2)

If an individual or HUF received any money/property without consideration

  1. If the amount of money received without consideration exceeds rs. 50,000

  2. any movable property, without consideration the fair market value of which is more than rs. 50,000, then such fair market value

  3. any movable property, for a consideration which is less than fair market value by an amount exceeding rs. 50,000, then fair market value less such consideration

This section doesn’t apply to any amount or property received in following cases

  1. from a relative (Meaning of relative)

  2. on the occasion of the marriage of the individual.

  3. by way of will/inheritance.

  4. contemplation of the death of the payer or donor

  5. from any local authority

  6. from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10

  7. from any trust or institution registered under section 12AA

1 view0 comments

Recent Posts

See All

©2020 by Taxinfo.in. Proudly created with Wix.com