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Tax implication and gift deed on marriage gifts of "car"

Tax queries 383 views 1 replies

AMIT PRATAP SINGH

Dy. Manager

21 Points Joined December 2018

My marriage is scheduled on 17th jan 2019. My future "Father-in-Law" is wishing to gift me a car of worth Rs. 8 lakhs in my name on 31st Dec 2018. I am a tax payer for last 7 years.

i am receiving gift 18 days before my marriage.

Whats will be Tax liabilities and formalities to prove that this gift received on occassion of marriage?

Replies (1)

The property definititon as per Section 56 reads as under:
(d) property means
(i) immovable property being land or building or both;
(ii) shares and securities;
(iii) jewellery;
(iv) archaeological collections;
(v) drawings;
(vi) paintings;
(vii)BB sculptures; or
(viii) any work of art;
Since the same is not specifically mentioned then the same is NOT liable for taxation u/s 56
So whether car is received by relative or from other it's not make any difference the same will not be taxable.
For formalities you can ask your future "father in law" to give a gift deed along with Car.