n NISM Certifications
X NISM Series X
Medium

As per the Income Tax Act, a 'Gift' is a transfer of movable or immovable property made voluntarily and without consideration.

Practice question from NISM Series XB- Investment Adviser (Level 2) Mock Test 2 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    A gift is a transfer of moveable or immovable property made voluntarily

  2. A gift is a transfer of movable or immovable property made voluntarily and without consideration

    Correct answer

  3. C

    A gift is a transfer of only movable property made voluntarily and without consideration

  4. D

    A gift is a transfer of only movable property made voluntarily

Why this is the answer

Gifts involve the transfer of either movable or immovable property voluntarily, without any consideration.

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