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I doubt....

Divya (Studeny) (379 Points)

23 April 2014

Is it taxable?? AC as a gift of Rs25000 received frm and Car of Rs 450000 from~ 1.Friends 2.Father?? Plz do reply....

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6 Replies

CA Deepesh Ruhela (Keen to Learn) (3271 Points)
Replied 23 April 2014

No, It is not taxable because it is not a property/capital asset. Property means the following capital asset of the assesse, namely;

(i) Immivable property being land or building or both;

(ii) shares & securities;

(iii) jewellery;

(iv) archaeological collections;

(v) drawings;

(vi) paintings;

(vii) sculptures;

(viii) any work of art;

(ix) bullion.

(Guest)

Not taxable in the hands of the donee. But the friend/ father (doner) should ensure that they acquire the car from their taxed money and disclose the gift in their balancesheet.

Rahul jain (LEARNING & TEACHING) (435 Points)
Replied 23 April 2014

plz clear my doubt also....the gift made by friend is under 50000 is by this reason this is not taxable ...or as mr. deepesh mentioned some specific capital assets which are only liblet taxed under gift......hnece friend's gift also expmt......