Taxability on Car Gift
This query is : Resolved
Quick Summary
09 March 2020
Request you to pls confirm the Applicability of Tax on Gift given by Daughter to Father. Daughter is giving CAR in a Gift. Whether it is taxable if yes than in whose hands & how much.
CA PARAS BAFNA
(Expert)
11 March 2020
Generally a father makes such gift. However, in your case also, it is exempt and nobody is liable under Income-Tax Act.
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