GIFT

This query is : Resolved

CA PRAVIN (Querist)
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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?

Balakrishnan

Balakrishnan (Expert)
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07 January 2011 You are not taxable.

Your friend is taxable for the gift from you.

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