if a CA INTERMIDEAT Student receive a CAR as a prize from his coaching institute because of he achieved 1 AIR?????
If it is taxable then under which head & under which section ?????
And what will be the tax rate????
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Taxable or Not Taxable????
Replies (9)
it will be exempt u/s 10
under which sub section
exempt u/s 10
can you tell me that under which sub section of section 10 it is exempt
it will liable to tax as under head income from other surce
by mistake it is other source because it's residuary income source head a income which is not taxable and exempt anywhere it is taxable under income from other source
can you elaborate it a bit more,
by telling tax rate & respective section under which it is taxable
by telling tax rate & respective section under which it is taxable
It is considered as Gift and Charged under other sources But as per sec 56 only Following will be taxable and car is not coverd here so it exempted.
- Land and building (immovable)
- Shares and securities (Securities Include debenture, bonds etc).
- Jewellery (Jewellery includes ornaments made of gold, silver, platinum or any other precious metal whether or not attach any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel
Precious or semi-precious stones also include in the term of jewelry, whether it is set or not in any furniture, utensil or other article or worked or sewn into any wearing apparel
- Archeological collection
- Drawings
- Paintings
- Sculpture
- Any work of art
- Bullion (Gold And silver in their purest form)
So finally car is exempt from tax
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