Taxability of gift in kind

Hi all,

My query is regarding the section 56(2)(vii) introduced by Finance Act 2009 regarding taxability of any movable or immovable property without consideration or inadequate consideration in the hands of the recipient. This section has been inserted to bring within its scope the value of any property without / inadequate consideration.

For this purpose it says that property "means" and gives a list of items.

My query is that if a person receives a gift which is not mentioned in the above list, then still does he get taxed for eg. a car, a wrist watch,etc.

Thanks and regards,

Shivangi