If a non-relative gifts a car to a person, what is taxable to the person?
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Taxability of gift from unrelated parties
Replies (3)
full Fair market value of car will be taxable under other sources(sec 56)
Not taxable as car is not a specified asset under section 56(2). Hence not taxable
Yes, Imran is correct. Gift of car will not attract tax. Car is not in list of property in sec 56(2)
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