Income from Other Sources, and Gifts under 56(2)(x)
Everything that does not fall under the other four heads lands here, and the single provision that costs clients money is s.56(2)(x), which taxes the person who receives property cheap in the same transaction in which s.50C taxes the person who sold it.
- 5 pages
- 52
- Word and PDF
- 13 September 2026
The 2 formats inside
- 1Declaration of gift from a relativeto be executed by the donor on stamp paper of the value prescribed by the State, and retained by both partiesOn its own₹149
- 2Working paper, section 56(2)(x) on the purchase of immovable propertyfor the file, and as an annexure to the client's returnOn its own₹149
Read the opening
The first part of “Declaration of gift from a relative”, as it downloads. Blanks are highlighted.
DECLARATION OF GIFT
I, [Full name of the donor], aged [Donor's age (years)] years, son / daughter / wife of [Donor's father's, mother's or husband's name], resident of [full address], holding Permanent Account Number [AAAAA0000A] and Aadhaar number [____ ____ ____], do hereby solemnly declare and affirm as follows.
1. Relationship
(a) The donee named below is my [state the exact relationship — for example: son / daughter / brother / sister / husband's brother / mother's sister / son's wife / daughter's husband].