IF MY BROTHER IS NON RESIDENT N HE GIVES ME A CAR BY PURCHASING THE SAME IN US DOLLARS CAN I SAVE TAX
I MEAN IN WHAT CONSEQUENCES I CAN SAVE TAX IF HE GIFTS ME A CAR IS THERE ANY COMPANY TAT CAN PROVIDE TAX SAVING IN SUCH A CASE.
Lucky Jain (student) (210 Points)
18 April 2010IF MY BROTHER IS NON RESIDENT N HE GIVES ME A CAR BY PURCHASING THE SAME IN US DOLLARS CAN I SAVE TAX
I MEAN IN WHAT CONSEQUENCES I CAN SAVE TAX IF HE GIFTS ME A CAR IS THERE ANY COMPANY TAT CAN PROVIDE TAX SAVING IN SUCH A CASE.
Amir
(Learner)
(4016 Points)
Replied 19 April 2010
Dear Ridhi,
Gift received from relatives are exempt irrespective of the
a) residential status of the assessee or their relatives.
b) the currency in which gifts were made.
relative” means—
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);]
Further "Car" is not treated as "property" for the purposes of Sec 56.
property” means—
(i) immovable property being land or building or both;
(ii) shares and securities;
(iii) jewellery;
(iv) archaeological collections;
(v) drawings;
(vi) paintings;
(vii) sculptures; or
(viii) any work of art;
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