About gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2012 SIR,

WE CAR SELLERS

ONE REAL ESTATER AS BOOKED CAR IN MY SHOW ROOM AND GIVEN THIS CAR TO HIS CUSTOMER. CAR VALUE IS : 454334/- WHAT IS THE GIFT TAX HERE. WHO PAY THIS GIFT TAX AND WHAT IS THE RATE OF THIS GIFT. WILL YOU PROVIDE THIS CLARIFICATION.
AND WHICH ADDRESS HE PAID THAT GIFT TAX VALUE. WHAT IS THE PROCESS I DONT KNOW IAM NEW IN THIS TRANSACTION.

THANKING YOU SIR,

B.NAGENDRA VARA PRASAD

Amol S Joglekar

Amol S Joglekar (Expert)
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06 November 2012 one thing is very clear that a CAR seller is never asked to pay GIFT TAX, by any stretch of imagination.It is the domain of donor and donee. You have no problem in booking the car in the name of say A and accepting the money from say B.

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2012 SIR, WHO LIABLE THIS ISSUE GIFT RECEIVER AND CAR PURCHASER
WHAT IS THE RATIO OF GIFT TAX

Amol S Joglekar

Amol S Joglekar (Expert)
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06 November 2012 it will be hit by section 56(2) of the income tax act. We need to check the "relation" if any between the real estate dealer and his customer.

Amol S Joglekar

Amol S Joglekar (Expert)
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06 November 2012 56(2)(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,—

(a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum;

(i) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property;

(ii) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration :

Querist : Anonymous

Querist : Anonymous (Querist)

06 November 2012 WHEN EVER THIS AMOUNT RECEIVER PAYABLE. IS IT INCLUDE HIS INCOME ACCOUNT.

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