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?
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?
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.
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