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From the taxation point of view, which of the following is correct regarding the gift?
  • a)
    Movable properties received without consideration, it can be termed as a gift of immovable property'.
  • b)
    Specified immovable properties received at a reduced price, it can be termed as 'movable property received for less than its fair market value'.
  • c)
    Specified movable properties received with consideration, it can be termed as 'gift of movable property'.
  • d)
    Immovable properties acquired at a reduced price, it can be termed as 'immovable property received for less than its stamp duty value'.
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
From the taxation point of view, which of the following is correct reg...
Gift is considered as a sum of money or property received by an individual without consideration or a case in which the property is acquired for inadequate consideration.
From the taxation point of view, gift can be classified as follows:
  • Any sum of money received without consideration, it can be termed as 'monetary gift'.
  • Specified movable properties received without consideration, it can be termed as 'gift of movable property'.
  • Specified movable properties received at a reduced price (i.e. for inadequate consideration), it can be termed as 'movable property received for less than its fair market value'.
  • Immovable properties received without consideration, it can be termed as'gift of immovable property'.
  • Immovable properties acquired at a reduced price (i.e. for inadequate consideration), can be termed as 'immovable property received for less than its stamp duty value'.
Thus, the correct option is (d).
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From the taxation point of view, which of the following is correct regarding the gift?a)Movable properties received without consideration, it can be termed as a gift of immovable property.b)Specified immovable properties received at a reduced price, it can be termed as movable property received for less than its fair market value.c)Specified movable properties received with consideration, it can be termed as gift of movable property.d)Immovable properties acquired at a reduced price, it can be termed as immovable property received for less than its stamp duty value.Correct answer is option 'D'. Can you explain this answer?
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From the taxation point of view, which of the following is correct regarding the gift?a)Movable properties received without consideration, it can be termed as a gift of immovable property.b)Specified immovable properties received at a reduced price, it can be termed as movable property received for less than its fair market value.c)Specified movable properties received with consideration, it can be termed as gift of movable property.d)Immovable properties acquired at a reduced price, it can be termed as immovable property received for less than its stamp duty value.Correct answer is option 'D'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about From the taxation point of view, which of the following is correct regarding the gift?a)Movable properties received without consideration, it can be termed as a gift of immovable property.b)Specified immovable properties received at a reduced price, it can be termed as movable property received for less than its fair market value.c)Specified movable properties received with consideration, it can be termed as gift of movable property.d)Immovable properties acquired at a reduced price, it can be termed as immovable property received for less than its stamp duty value.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the taxation point of view, which of the following is correct regarding the gift?a)Movable properties received without consideration, it can be termed as a gift of immovable property.b)Specified immovable properties received at a reduced price, it can be termed as movable property received for less than its fair market value.c)Specified movable properties received with consideration, it can be termed as gift of movable property.d)Immovable properties acquired at a reduced price, it can be termed as immovable property received for less than its stamp duty value.Correct answer is option 'D'. Can you explain this answer?.
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