GIFT
This query is : Resolved
06 January 2011
PLZ GUIDE ME ON FOLLOWING ISSUE.
AN INDIVIDUAL GIFTED MOTOR VEHICLE TO HIS FRIEND. MARKET VALUE OF THAT VEHICLE IS RS 500000/-. WHAT ARE THE TAX CONSEQUENCES?
AN INDIVIDUAL GIFTED MOTOR VEHICLE TO HIS FRIEND. MARKET VALUE OF THAT VEHICLE IS RS 500000/-. WHAT ARE THE TAX CONSEQUENCES?
07 January 2011
You are not taxable.
Your friend is taxable for the gift from you.
Your friend is taxable for the gift from you.
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