question from income from other sources

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question from income from other sources

if car gifted of value more than 50000 is it taxable

Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 8 months, 2 weeks ago
  • Anonymous

    if car gifted of value more than 50000 is it taxable

  • As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc. But if the gift received from the relative then it will be exempt.

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