1) Any cash amount exceeding 50,000 Rs in a year without any consideration is termed as amount liable for gift tax of India. This amount which is liable for gift tax does not have to be in single transaction. All multiple accounts and people will be clubbed for this amount. 2) Any item or product like paintings, jewellery, drawings or transfer of shares and debentures fall under movable property. And any transaction of such movable property is liable for gift tax if the value of such movable property exceeds INR 50,000. 3) if an individual has received land or property with exceeding value than 50,000 Rs. i) without consideration : the full value of such land and property will be considered for gift tax of India. ii) Part consideration: full value of such land and property minus the amount paid by the individual to acquire such property will be considered for gift tax of India iii) for assessing the value of the property, stamp duty value of the property will be considered.