Is kidney received as donation or gift taxable?

How can you tax it???? There should be some pre- determined value to it. Moreover, its not a traded commodity. It is donated on person will and transplanted to a needy person. 

It cannot be sold and if its sold and you are purchasing it, you will be first put behind bars. That will be more heavy penalty than paying tax on it.

Good one faiz

ha ha......faiz explained it fairly

Hi friends,

Legality is nothing to do with income tax...  but still it is not taxable as the case given by my friend was of gift or donation... And it is not covered by s. 56(2)(vii) of Income Tax Act which is relating to gift tax..

Originally posted by : Vishal Jain A
	Hi friends, Legality is nothing to do with income tax...  but still it is not taxable as the case given by my friend was of gift or donation... And it is not covered by s. 56(2)(vii) of Income Tax Act which is relating to gift tax..

Yes you are right... There is no chance to treat as gift wrapped in paper(currency)

ya it can be taxable in heaven or hell

Originally posted by : Faiz Ahmed
	How can you tax it???? There should be some pre- determined value to it. Moreover, its not a traded commodity. It is donated on person will and transplanted to a needy person.  It cannot be sold and if its sold and you are purchasing it, you will be first put behind bars. That will be more heavy penalty than paying tax on it.

i agree

Jokes apart,

Even an illegal income is taxable and there are plenty of cases where even heroin seized and destroyed was allowed as business loss.

In this issue, it may illegal, but alas it is an Income.

Be objective my friends. BUT THIS Receipt is not a REVENUE REceipt, but a CAPITAL RECEIPT.

It is well known law that ALL REVENUE receipts are taxable and CAPITAL Receipts are TAXABLE ONLY when SPECIFICALLY made taxable.

As there is no provision in Income tax act, 1961 to tax this CAPITAL Receipt, this is NOT Taxable.

Shiva

thanks for the reply guys!!!!!!!!