Section 56(2) Gift Received In Cash and Kind

  1. Any sum of money received:

    Without consideration from a person the aggregate value of which exceeds Rs.50000/-, the whole of the aggregate value received is taxable

  1. Any immovable property received:

    Without consideration, but stamp value of such property which exceeds Rs.50000/-, such stamp value is chargeable to tax

    With consideration, which is less than the stamp duty value of property by an amount exceeding Rs.50000/-, Nothing is taxable

    1. Movable or any other property:

      Without consideration, but Fair market value of such property which exceeds Rs.50000/-, Fair market value of such property is chargeable to tax

      With consideration, which is less than the Fair market value of property by an amount exceeding Rs.50000/-

      Fair market value

      Less: Consideration

>50000 such amount chargeable to tax

2 thoughts to “Section 56(2) Gift Received In Cash and Kind”

  1. sir
    my mother got about Rs5000 monthly in cashfrom my brother ,can we show this as Gift income in ITR

    and in which way she should get this money so that she can show this as gift from son , i means by cheque or should do some paper work?

    1. can we show the gift income in ITR1 if yes then please tell in which colume because i do not find colume related to this in ITR1 while in ITR2 their is column of exempted income but their is not such column in ITR1.

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