Hi!
If i gift my friend a car would it be taxable for my friend??
Note that the property definition for purpose of taxabilty of gifts doesnt include cars
Thanks in advance!
2 Replies
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 03 January 2014
But since gift in kind includes & deemed to have always included Car of which value exceeds 50000/- so it will be taxable
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 03 January 2014
Sorry for the above reply , yaa Car would not be taxable
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