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(Querist)
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?
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CA MANOJ GUPTA

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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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