If a father gifts a car to her daugher before marriage.
Are there any tax implications?
Reply must.
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 06 December 2016
No, not taxable in the hands of daughter.
Anubhav
(Student)
(589 Points)
Replied 06 December 2016
Since Car is not covered in defintion of property, hence such a gift is not taxable.
shubham Pahuja
(Chartered Accountant)
(236 Points)
Replied 06 December 2016
no it will not attract 56(2vii)
FCA surbhi jain
(FCA)
(897 Points)
Replied 07 December 2016
Agree with all. This will not be taxable in the hands of daughter as sec 56 is not attracted.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 07 December 2016
If you receive car as a gift from a relative or non-relative, there will not be any tax on it as ‘car’ is not listed in the prescribed list of movable properties as per the IT Act.
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