Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift.
The term “Gift” implies – any sum of money or property received by an individual or a HUF without consideration or a property acquired for inadequate consideration.
From the taxation point of view, the Taxability of Gifts received by an Individual / HUF can be classified as follows:
Read on me: https://taxguru.in/income-tax/taxability-gift-received-individual-huf.html
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