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gift received by non relative
if a car is gifted by non relative is it taxable?
Replies (5)
only few things are braught to tax i.e securities,jwellery,drawings,archeological collection,immovable property etc. under 56(2)(10). all other things are outside the context of income tax i.e car, mobiles,Tvs are not subject to tax
no it will not taxable as it is not covered in the definition of movable property. it only includes shares and security, jewellery, drawing, painting, sculpture, archeological collection, bullion and any other work of art.
No.
if a property is gift by my neighborhood non relative it taxable or not ?
No, it is not taxable as car is not covered under movable assets u/s 56(2)(x)
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