# Section 56(2)(x) — Taxability of Gifts (Money or Property): Introduction
## Applicability
Applies to All Persons (Individual, HUF, firm, company, AOP, etc.).
## Concept — Categories of "Gift"
A gift can fall into one of three buckets:
- Money (cash / cheque / electronic transfer)
- Movable Property — received either (a) without consideration, or (b) for inadequate consideration
- Immovable Property — received either (a) without consideration, or (b) for inadequate consideration
## Trigger
If during a P.Y., aggregate of money / property received without consideration or for inadequate consideration exceeds ₹ 50,000 → taxable under IFOS.
## Outline of Taxability (Detailed in Next Section)
| Type | Triggering Threshold | Taxable Amount |
|---|---|---|
| Money | Aggregate > ₹ 50,000 | Whole amount |
| Movable Property (without consideration) | Aggregate FMV > ₹ 50,000 | Aggregate FMV |
| Movable Property (inadequate consideration) | (FMV − Consideration) > ₹ 50,000 | FMV − Consideration |
| Immovable Property (without consideration) | Stamp Duty Value (SDV) > ₹ 50,000 | SDV |
| Immovable Property (inadequate consideration) | (SDV − Consideration) > Higher of ₹ 50,000 or 10% of consideration | SDV − Consideration |
## Important
The ₹ 50,000 threshold acts as an all-or-nothing trigger for money and movable property — once breached, the entire amount is taxable (not just the excess).
## Common Exclusions (Detailed in Next Section)
Gifts received from: relatives; on marriage of individual; under will/inheritance; in contemplation of death; from local authority/specified funds — are NOT taxable.