Taxability of gift from unrelated parties

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8 Points Posted on 22 April 2019

If a non-relative gifts a car to a person, what is taxable to the person?

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On 22 April 2019 at 23:30 Report
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service
72 Points Posted on 23 April 2019
full Fair market value of car will be taxable under other sources(sec 56)
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On 23 April 2019 at 00:17
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Self Occupied
42 Points Posted on 23 April 2019
Not taxable as car is not a specified asset under section 56(2). Hence not taxable
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On 23 April 2019 at 00:34
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service
72 Points Posted on 23 April 2019
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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On 23 April 2019 at 01:57

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