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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
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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
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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
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>50000 such amount chargeable to tax