amit c ( Sr. Accountant) (120 Points)
17 March 2017
gift is taxable even if received in birthday occassion
gift received on marriage is not taxable
gift received from (father, mother, daughter ,son, brother, sister ,father in law) not taxable
Property received under will/ by way of inheritance not taxable
Property received in contemplation of death of the donor. not taxable
Property received from a local authority.not taxable
Property received from any fund, foundation, university, other educational institution, hospital or other medical institution, any trust or institution referred to in section 10(23C). Money received from a trust or institution registered under section 12AA. not taxable
CA V KARTHICK
(Chartered Accountant in Practice)
(506 Points)
Replied 20 March 2017
Any Movable Property received as gift is taxable if the Value exceeds Rs 50,000.
CAR is not covered under the definition of " Property "
So receiving Car as a gift wont be taxable.
CAclubindia
