Please Help: Gift in kind
Posted Date : 02-Jun-2012 , 09:32:32 pm | Posted By Arihant
Does MOTOR VEHICLES, STOCK IN TRADE, PLANT AND MACHINERY, FURNITURE & FIXTURE are included as GIFT IN KIND or not?
are they be taxable if the above are gifted to any other person?
are they be taxable if the above are gifted to any other person?
Category : Income Tax | Answers : 3 | Comments : 1 | Hits : 197
Answers
Answer By: Vikash Kumar Jha
Gift in kind will be taxable from 01.10.2009” As per their Aggregate Fair Market value.
Answer By: Rishabh Upadhyay
hi arihant, can you please clarify who is the person giving such gifts. From the list it seems like its a business who is giving away its assets.
Answer By: Rambabu Senkarasetti
Yes, it is taxable
Comments
Arihant
06-Jun-2012 , 08:02:25 amits an individual, but as per my knowledge the above items are not included in list of gift in kind. Is it so?