GIFT value sec 56 2(x) covered in it act
This query is : Resolved
28 February 2022
Sir,
It assessee (name Mr.A) motor car gift from friend received value rs:15 lacs.
Question:
Mr.A Gift movable property value rs:15 lacs provision sec 56 2(x) covered in it act.
It assessee (name Mr.A) motor car gift from friend received value rs:15 lacs.
Question:
Mr.A Gift movable property value rs:15 lacs provision sec 56 2(x) covered in it act.
01 March 2022
Motor car, being not covered under assets; when gifted, is not liable for tax .
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