Gift taxation under section 56

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12 Points Posted on 31 December 2020
did gift of Furniture is taxable under section 56 or not doubt is weather it is covered under work of art or not
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On 31 December 2020 at 23:43 Report
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This discussion clarifies whether gifts of furniture are taxable under Section 56 of the relevant tax law. The consensus is that furniture is not considered taxable property under this section, nor is it typically classified as a 'work of art' for tax purposes. Therefore, gifts of furniture are generally not subject to tax under Section 56.

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4533 Points Posted on 02 January 2021
Not taxable, since it is not covered under the definition of property.
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On 02 January 2021 at 23:40
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80 Points Posted on 03 January 2021
No, it is not taxable
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On 03 January 2021 at 01:31
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12 Points Posted on 25 May 2021

Thanks for the reply 

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On 25 May 2021 at 11:26

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