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Gift

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(Querist)
11 October 2013 marketing manager in pharma company received a maruti car in gift by a distributer of the company...value is 200000/- .is value of car taxable as income in the hands of manager??
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
12 October 2013 No, car is not taxable as gift provisions are not applicable to car under the head income from other sources.
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