Tax liability on receipt of Gold wrist watch as gift

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CA Article Trainee
39 Points Joined July 2015
I received the gift of gold wrist watch from my friend worth of Rs. 3.50 Laks. Is it taxable under the head Income from other sources ?
is gold wrist watch is included in the property as specified in 56(2)?
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On 22 March 2019 at 17:30 Report
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INCOME TAX OFFICER
1736 Points Joined February 2014
yes it'll be charged to tax under the head income from other sources
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On 22 March 2019 at 18:00


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