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Are there any cases in which the value of prescribed movable property received without consideration, i.e., received as gift by an individual or HUF is not charged to tax?

Surabhi
Answered on January 03,2020

If the conditions are satisfied, then the value of prescribed movable property received without consideration, i.e., received as gift by an individual or HUF is charged to tax. However, in the following cases nothing will be charged to tax in respect of prescribed movable property received without consideration:

    Property received from relatives.
    Property received by a HUF from its members.
    Property received on the occasion of the marriage of the individual.
    Property received under will/ by way of inheritance.
    Property received in contemplation of death of the donor.
    Property received from a local authority as defined under section 10(20?) of the Income-tax Act).

    Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C).
    Property received from or by a trust or institution registered under section 12AA? or section 12A??.
    Any shares received by an individual or HUF, as a consequence of business re-organization of co-operative bank or demerger or amalgamation of a company [as referred to in clause (vicb) or clause (vid) or clause (vii) of Section 47]
    from an individual by a trust created or established solely for the benefit of the relative of the individual.
    from such a class of persons and subject to conditions as may be prescribed.

Are there any cases in which the value of prescribed movable property received without consideration, i.e., received as gift by an individual or HUF is not charged to tax?

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