Dear Sir/Mam,
If any father Give his Truck To his Son ( Not Minor) as a Gift.
Now Question is that :
1. Value Of Truck Chargable Income in His Son in same year.
2. Income Aries From Trucks Chargable Father or Son.
Thanks
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Income aries from gifted truck to his son by his father
Replies (4)
First of all Any gift received from relative is exempt from tax. Now answers to your queries:
1. Value of truck chargeable to tax - No.
2. Income arises from the truck will be chargeable in the hands of son(since he is not minor)
1. Value of truck chargeable to tax - No.
2. Income arises from the truck will be chargeable in the hands of son(since he is not minor)
1. Not chargeable as gift from relative
2. Son......... being major
Sir Income earn from Truck Chargeable father or son. (son is major)
Income from truck is chargeable to Son.
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