gift received in kind
This query is : Resolved
Tushar P. kankariya
(Querist)
15 November 2008
Whether gift received in kind is taxable or exempt? one my friend want gift a car to person who is not a relative. whether it will attract tax on it ? reply.
CA Tilak Raj Sharma
(Expert)
15 November 2008
Gifts in kind is not taxable as per section 56(2)(vi) of IT Act.
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