Page 369 - DCOM301_INCOME_TAX_LAWS_I

Income Tax Laws – I

Notes 7. Hiring out of building with machinery etc. [Section 56(2)(iii)]: Where an assessee lets on
hire machinery, plant or furniture belonging to him and also building and the letting of
the building is inseparable from the letting of the said machinery, plant or furniture, the
income from such letting, if it is not chargeable to income-tax under the head “Profits and
gains of business or profession”.
8. Money Gifts: Where any sum of money, the aggregate value of which exceeds fifty thousand
rupees, is received without consideration, by an individual or a Hindu undivided family,
in any previous year from any person or persons on or after the 1st day of April, 2006 but
before 1st day of October, 2009 , the whole of the aggregate value of such sum [Section
56(2)(vi)]
Provided that this clause shall not apply to any sum of money received:
(a) from any relative; or

(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or

(f) 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; or
(g) from any trust or institution registered under section 12AA.

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Caution For the purposes of this clause, relative means
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).
9. Gifts in Cash or in Kind: Where an individual or a Hindu undivided family receives, in
any previous year, from any person or persons on or after the 1st day of October, 2009
(a) any sum of money, without consideration, the aggregate value of which exceeds
fifty thousand rupees, the whole of the aggregate value of such sum;
(b) any immovable property, without consideration, the stamp duty value of which
exceeds fifty thousand rupees, the stamp duty value of such property.
(c) any property, other than immovable property
without consideration, the aggregate fair market value of which exceeds fifty
thousand rupees, the whole of the aggregate fair market value of such property;

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