Gift of car received from non relative

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1 Points Posted on 17 December 2020
can i assume that as car is not defined in property so not taxable under income tax act?
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On 17 December 2020 at 06:52 Report
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Receiving a car as a gift from someone who isn't a relative raises questions about tax liability in the UK. Generally, if the car wasn't purchased with company funds, it's unlikely to be subject to income tax. However, it's crucial to investigate potential gift tax rules that might apply to such transactions.

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My grammar is 💯 good I
7306 Points Posted on 17 December 2020

Yes because you did not use company money. However, gift tax might be applicable pls check that out.

https://www.caclubindia.com/forum/gift-of-car-74865.asp

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On 17 December 2020 at 07:03
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9 Points Posted on 17 December 2020
Yes it is certainly correct
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On 17 December 2020 at 17:19

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