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Taxable or Not Taxable????

02 March 2018

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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9 Replies

pankaj (a) (1262 Points)
Replied 02 March 2018

it will be exempt u/s 10

1 Like

Shivam Agrawal (78 Points)
Replied 02 March 2018

under which sub section

1 Like

NARESH CHANDRA KHANDURI (KHANDURI&ASSOCIATES) (86 Points)
Replied 02 March 2018

exempt u/s 10

1 Like

Shivam Agrawal (78 Points)
Replied 02 March 2018

can you tell me that under which sub section of section 10 it is exempt

Jay Chichani (131 Points)
Replied 02 March 2018

it will liable to tax as under head income from other surce

1 Like

Jay Chichani (131 Points)
Replied 02 March 2018

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

Shivam Agrawal (78 Points)
Replied 03 March 2018

can you elaborate it a bit more,
by telling tax rate & respective section under which it is taxable

1 Like

tirth (CA) (72 Points)
Replied 03 March 2018

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