Gift of car

Pls rply as soon as possible!!!

The entire 2 lakhs will be taxable as Income from Other Sources. 

But Car does not fall under section 56(2)(vii)

How can that be chargeable under income from other sources..??

Car is not come under the definition of property as given in section 56(2)(vii). Car received as gift from distributor is not taxable as income from other sources.

Not taxable in any head... as car is not included in property defination... and distributor is not employer. ..

Since this reward is for achieving sale target same will be chargeable u/s 28 There is also a judgement on this  

S.28The following income shall be chargeable to income-tax under the head "Profits and gains of business or profession",—

(iv) the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession ;

 

But if car gifted by employer to employee, how can we apply sec 28. Sec 28 applicable only when a relationship between 2 person is principal to principal, not employer  employee. pls clear it

Section 28 pgbp m taxable h 

Section 28 pgbp m taxable h 

Dear Deepak Kumar & others

please read the query clearly..Person( assessee )is  a marketing manager in a Pharma Company and the distributor of the car gift a car to him estimating of Rs.2 lakh then what will be the taxability of Rs.2 lakh?  

car is gifted by a distuributor of car not by employer i.e Pharma company..

so in this case assessee received this gift in his professional capaicity for achieving some sales targets.

 

Dear Rohit,

Please clear me if i am wrong,

as per my view this is the case.. if there is any other transaction then please clearily mentioned it here.