if a person is been gifted a car worth Rs5 crores from a non relative for is performance in sports ..so hw much he will be exempted under indian tax and if he receives the gift in US will he be taxable under US taxation?
2 Replies
Mahesh Paryani
(Chartered Accountant)
(365 Points)
Replied 10 June 2008
as he is a resident of India his global income is chargible to tax in India
as per the section 56 any amount recived above 50000 is chargable to tax...
so it would be chargable to tax in India
manit kaur
(ca student)
(31 Points)
Replied 10 June 2008
according to me
if a person receives a gift of car for its performance in sports, there can be two situations
1) if he is a professional sportsperson-it will be taxable as professional income under section 28(iv) as gifts in kind are taxable
2)in other case it will not be taxable as sec 56 covers only gifts received in cash not in kind
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