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Machinery gift, please help.
What would be the tax treatment for machinery worth 11 lakh received for 2 lakh subject to fulfillment of condition in 3 years time.
Replies (5)
I think the difference between the cost & market price will be chargeable to tax(Capital gain) as it is exceeding Rs.50,000.
sorry, it is chargeable as gift under income from other sources
Thank you sir
Machinery is not covered in definition of property u/s 56. so i think it is not taxable under head other source.
Oh yes...Thank you Sudiesh for correcting me.
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