Income Tax Act, 2025
Section 5: Ins. by Act 33 of 2009, s. 26 (w.e.f. 12009).
5. Ins. by Act 33 of 2009, s. 26 (w.e.f. 12009).
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(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.
Explanation.—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);]
1[(vii) 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 2[but before the 1st day of April,
2017],—
(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;
3[(b) any immovable property,—
(i) without consideration, the stamp duty value of which exceeds fifty thousand
rupees, the stamp duty value of such property;
(ii) for a consideration which is less than the stamp duty value of the property by an
amount exceeding fifty thousand rupees, the stamp duty value of such property as
exceeds such consideration:
Provided that where the date of the agreement fixing the amount of consideration for the
transfer of immovable property and the date of registration are not the same, the stamp duty
value on the date of the agreement may be taken for the purposes of this sub-clause:
Provided further that the said proviso shall apply only in a case where the amount of
consideration referred to therein, or a part thereof, has been paid by any mode other than cash
on or before the date of the agreement for the transfer of such immovable property;]
(c) any property, other than immovable property,—
(i) without consideration, the aggregate fair market value of which exceeds fifty
thousand rupees, the whole of the aggregate fair market value of such property;
(ii) for a consideration which is less than the aggregate fair market value of the
property by an amount exceeding fifty thousand rupees, the aggregate fair market value
of such property as exceeds such consideration:
Provided that where the stamp duty value of immovable property as referred to in
sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2)
of section 50C, the Assessing Officer may refer the valuation of such property to a
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
of
section 10; or
from any trust or institution registered under section 12AA.
Explanation.—For the purposes of this clause, “relative” means—
spouse of the individual;
brother or sister of the individual;
brother or sister of the spouse of the individual;
brother or sister of either of the parents of the individual;
any lineal ascendant or descendant of the individual;
any lineal ascendant or descendant of the spouse of the individual;
spouse of the person referred to in clauses
to
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 2[but before the 1st day of April,
2017],—
any sum of money, without consideration, the aggregate value of which exceeds fifty
thousand rupees, the whole of the aggregate value of such sum;
3[
any immovable property,—
without consideration, the stamp duty value of which exceeds fifty thousand
rupees, the stamp duty value of such property;
for a consideration which is less than the stamp duty value of the property by an
amount exceeding fifty thousand rupees, the stamp duty value of such property as
exceeds such consideration:
Provided that where the date of the agreement fixing the amount of consideration for the
transfer of immovable property and the date of registration are not the same, the stamp duty
value on the date of the agreement may be taken for the purposes of this sub-clause:
Provided further that the said proviso shall apply only in a case where the amount of
consideration referred to therein, or a part thereof, has been paid by any mode other than cash
on or before the date of the agreement for the transfer of such immovable property;]
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;
for a consideration which is less than the aggregate fair market value of the
property by an amount exceeding fifty thousand rupees, the aggregate fair market value
of such property as exceeds such consideration:
Provided that where the stamp duty value of immovable property as referred to in
sub-clause
is disputed by the assessee on grounds mentioned in sub-section
of section 50C, the Assessing Officer may refer the valuation of such property to a