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Gifts taxable or not

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(Querist)
23 December 2013 Is motor car gifted to a sports man is taxable or not.if yes on what basis it should be valued. can u please tell me under which section it is covered
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Manish Bhandari

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Manish Bhandari (Expert)
23 December 2013 Yes it will be taxable as FMV.

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