Gifts
This query is : Resolved
15 April 2014
Are Gifts in terms of Car, AC, jewellery taxable or not??
15 April 2014
ITEMS ARE NOT INCLUDE IN INCOME
15 April 2014
well jewelery gets covered under movable property. therefore shall be taxable under 56(2)(vii)(c). the same is also covered under definition of movable property provided in explanation "e" to the aforementioned section.
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