Gift personal car

This query is : Resolved

Ishant agarwal (Querist)
Follow

04 March 2013 Dear Sir / Madam
i want to know that if any person ( Indivdual "A' ) gift his car to any person (another Individual "B") then can this gift is Taxable under income tax Act

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
Follow

04 March 2013 If such persons or relatives then it is exempted to income tax otherwise the market value of such gift on the date of transfer will be taxable in the hands of receiver under the head income from other sources. So please tell me the relationship between gift payer and gift receiver.

OM SAI SRI SAI JAI JAI SAI