Receipts without Considerations – Section 56(2)
If an individual or HUF received any money/property without consideration
If the amount of money received without consideration exceeds rs. 50,000
any movable property, without consideration the fair market value of which is more than rs. 50,000, then such fair market value
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
from a relative (Meaning of relative)
on the occasion of the marriage of the individual.
by way of will/inheritance.
contemplation of the death of the payer or donor
from any local authority
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
from any trust or institution registered under section 12AA