Summary Of Specified Property Chargeable Under Section 56(2)(X) Of Income Tax Act.

 

 

PARTICULARS	POINT                  OF TAXATION	AMOUNT TAXABLE	TAXED INDIVIDUALLY OR CUMULATIVE
Any sum of money whether in cash or by cheque/draft/pay order or any other mode	If received without consideration	If the aggregate value of such sum of money exceeds Rs 50000, then the entire amount	On aggregate basis Money received on different dates or from different person to be clubbed to arrive at the amount of Rs. 50000.
Any immovable property received without consideration	If received without consideration	If the stamp value of such property exceeds fifty thousand rupees, the stamp duty value of such property	Taxed individually. Each transaction will be taxed separately
Any immoveable property received for a consideration less than stamp duty value of property	If received for a consideration which is less than the stamp duty value of property by an amount exceeding Rs 50000.	Stamp value of such property as exceeds such consideration [ upto assessment year 2018-19]. The Finance Act 2018 provides that where any person receives, in any previous year, from any person or persons any immovable property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:- (i)   the amount of fifty thousand rupees; and the amount equal to five per cent of the consideration [ Raised to ten per cent of the consideration from the AY 21-22 by the Finance Act, 2020. ] shall be taxed as income from other sources. [ from AY 2019-20	Taxed individually Each transaction will be separately taxed .
Any property other than immovable property received without consideration	If received without consideration	If the aggregate fair market value of such property exceeds fifty thousand rupees the whole of the aggregate fair market value of such property	Taxed on aggregate basis. Value of property received on different dates or from different person to be clubbed to arrive at amount of Rs. 50000.
Any Property other than immoveable property, received for a consideration less than fair market value	If received for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees	Aggregate fair market value of such property as exceeds such consideration	—do———–