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gift received in kind

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15 November 2008 Whether gift received in kind is taxable or exempt? one my friend want gift a car to person who is not a relative. whether it will attract tax on it ? reply.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
15 November 2008 Gifts in kind is not taxable as per section 56(2)(vi) of IT Act.

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