Gift under os

As per Explanation given in Sec 56(2)

  “property” ⁷⁸ [means the following capital asset of the assessee, namely:—]

       (i)  immovable property being land or building or both;

      (ii)  shares and securities;

     (iii)  jewellery;

     (iv)  archaeological collections;

      (v)  drawings;

     (vi)  paintings;

    (vii)  sculptures; ⁷⁹ [***]

   (viii)  any work of art; ⁸⁰ [or]

 ⁸⁰ [(ix)  bullion;]

Since the legistaure has used the word "means" for providing definition of property, it means it is exclusive and exhaustive list of property.

Hence, motor car is not covered.

Forgot to mention, that motor car transferred without consideration will not be taxable under Income from Other sources.