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!
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Gift taxability
Replies (2)
But since gift in kind includes & deemed to have always included Car of which value exceeds 50000/- so it will be taxable
Sorry for the above reply , yaa Car would not be taxable
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