GIFT IN KIND-- CAR OR CEMENT?????????????

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amol (Querist)
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16 April 2010 The CBDT on September 30 2009 notified that “with effect from October 1.... any gift in kind, being an immovable property or any other property, the value of which exceeds Rs. 50,000, will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family (HUF), as income from other sources...”

(d) 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;

QUE. 1)SO CAN I GET A GIFT OF "CAR" FROM MY FRIEND WITH RS. 50000 AS EXEMPTION AS PER NOTIFICATION OR NOT? ALSO THE PROPERTY DEFINED BY INCOMETAX ACT, 1961 DOESN'T INCLUDE CAR SO THIS NOTIFICATION IS APPLICABLE FOR CARS OR NOT?

QUE.2) CAN SOMEONE GIFT HIS FRIEND "CEMENT" AND GET THE EXEMPTION OF RS. 50,000?

I ASKED 2-3 C.A.S BUT I GOT DIFFERENT ANSWERS? I STUDIED THEOROTICAL THINGS BUT I DO'T KNOW WHAT IS IN PRACTICE? PLS. HELP ME..............

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 April 2010 Car and cement is not 'property' and hence gifting of the same is out side the purview of section 56 (2)(vii) of the Income tax Act,1961.

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