Regardinggift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2012
Hi Sir/Madam,
I have query regarding a gift, which I have received recently from one of my client.
In last month my client has gifted me a vehicle.Now I want to know how much gift tax will be applicable to the same.
If this vehicle is offered as my 'other income' in my computation then will it affect on my income Tax calculation.
At this point of time I'm bit confuse and expect a opinion from aexperts like you.
Regards,
I have query regarding a gift, which I have received recently from one of my client.
In last month my client has gifted me a vehicle.Now I want to know how much gift tax will be applicable to the same.
If this vehicle is offered as my 'other income' in my computation then will it affect on my income Tax calculation.
At this point of time I'm bit confuse and expect a opinion from aexperts like you.
Regards,
07 June 2012
1. Gift tax is NOT applicable becuase gift tax has been abolished long ago.
2. This gift is NOT taxable in your hands because the word "property" defined in Section 56(2)(vi) DOES NOT include vehicle.
2. This gift is NOT taxable in your hands because the word "property" defined in Section 56(2)(vi) DOES NOT include vehicle.
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