Car gift
This query is : Resolved
23 March 2016
Please let me know that if gift car of 20 lacs to my friend than it will be taxable under which head As under ifos car ,laptop don't come under defn of property , so under ifos it is not taxable My question is that it is taxable in any other head of income or is it exempt from all head
23 March 2016
DEAR
THIS GIFT IS NOT TAXABLE IN THE HANDS OD RECEIVER AT ALL.
NOT TAXABLE UNDER ANY HEAD OF INCOME TAX.
THIS GIFT IS NOT TAXABLE IN THE HANDS OD RECEIVER AT ALL.
NOT TAXABLE UNDER ANY HEAD OF INCOME TAX.
24 March 2016
sec 56(vii): explanation given. As per the definition of "property", car is NOT included and hence the said gift is not taxable in the hands of donee
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- TDS deduction (debit notes)
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
