Hi
what will be the tax implication if an individual received car as gift from another person, not being an relatives of such person.
what will be tax treatment in both the doner and donee.
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gift received as car
Replies (1)
as per section 2(14) of income tax act, gift of Car is not the capital assets thus there will be no any tax liability under the head income from other sources for the gift received even if the donor is not covered under the defination of relative as defined by the income tax act.
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