Car gift

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Kunal (Querist)
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23 March 2016 Please let me know that if gift car of 20 lacs to my friend than it will be taxable under which head As under ifos car ,laptop don't come under defn of property , so under ifos it is not taxable My question is that it is taxable in any other head of income or is it exempt from all head

Ankur Singhal

Ankur Singhal (Expert)
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23 March 2016 DEAR
THIS GIFT IS NOT TAXABLE IN THE HANDS OD RECEIVER AT ALL.
NOT TAXABLE UNDER ANY HEAD OF INCOME TAX.

Amol S Joglekar

Amol S Joglekar (Expert)
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24 March 2016 sec 56(vii): explanation given. As per the definition of "property", car is NOT included and hence the said gift is not taxable in the hands of donee

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