If the conditions given in preceding FAQ are satisfied, then value of prescribed movable property received without consideration, i.e.,received as gift by an individual or HUF is charged to tax. However, in the following cases nothing will be charged to tax in respect of prescribed movable property received without consideration:
Property received from relatives.
Property received by a HUF from its members.
Property received on the occasion of the marriage of the individual.
Property received under will/ by way of inheritance.
Property received in contemplation of death of the donor.
Property received from a local authority as defined under section 10(20) of the Income-tax Act).
Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C).
Property received from a trust or institution registered under section 12AA.
Any shares received by an individual or HUF, as a consequence of business re-organisation of co-operative bank or demerger or amalgamation of a company [as referred to in clause (vicb) or clause (vid) or clause (vii) of Section 47]