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Taxability on Car Gift

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(Querist)
09 March 2020 Request you to pls confirm the Applicability of Tax on Gift given by Daughter to Father. Daughter is giving CAR in a Gift. Whether it is taxable if yes than in whose hands & how much.
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RAJA P M

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RAJA P M (Expert)
09 March 2020 It's exempted as gift to relatives u/s 56(2)
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 March 2020 Generally a father makes such gift. However, in your case also, it is exempt and nobody is liable under Income-Tax Act.
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