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Tax applicability on car gift given by company under trade

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2016
Hi,

Please advice on Tax applicability on car gift given by company under trade schemes.
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RICHA KUMAR

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RICHA KUMAR (Expert)
23 March 2016 gifts above Rs 50,000 from a non-relative is taxable in the hands of the recipient.
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Amol S Joglekar

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Amol S Joglekar (Expert)
24 March 2016 car is NOT covered under "property" as per the explanation to section 56(vii) and hence, in the hands of donee, nothing is required to be added,
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