My friend has received a car at the ocassion his marriage from his father in law, now what is the tax treatment and how is it shown in ITR?
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Gift
Replies (3)
It should come under the perview of relatives, since its not money, ITR has no provision to show it
This is a case of gift from relative. Gifts from relatives are exempt in Income tax act. You can show it under the annexure of exempt income in ITR.
Gifts received from relatives (whether in cash or in kind) or on the occasion of marriage of individual is exempt from income tax. Father of spouse comes under the definition of relative. So, no tax payable on it. However, while filing ITR don't forget to show it under exempt income annexure.
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