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This query is : Resolved
31 March 2012
Section 56 Clause (vii)
(b) Makes taxable immovable property transferred without consideration
(c) Makes taxable movable property transferred without consideration (i) & with inadequate consideration (ii)
But as per explanation given to the said clause,
(d) Property includes only immovable property being land or building or both;
Then is movable property (viz. Motor Car, etc.)transferred without or inadequate consideration is taxable under other sources or not?
(b) Makes taxable immovable property transferred without consideration
(c) Makes taxable movable property transferred without consideration (i) & with inadequate consideration (ii)
But as per explanation given to the said clause,
(d) Property includes only immovable property being land or building or both;
Then is movable property (viz. Motor Car, etc.)transferred without or inadequate consideration is taxable under other sources or not?
CA MANOJ GUPTA
(Expert)
01 April 2012
section 56(2)(vii) do tax ceratin movable properties. pl see the expanation d to section 56(2)(vii) for the properties included and see section 56(2)(vii)(c) for taxability. motor car is not covered
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