Please Help: Gift in kind
Posted Date : 02-Jun-2012 , 09:32:32 pm | Posted By: Arihant
Category :
Income Tax | Answers :
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Comments :
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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? |
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Answers:
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 Answer by: Vikash Kumar Jha |
| Gift in kind will be taxable from 01.10.2009” As per their Aggregate Fair Market value.
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| 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.
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| Answer by: Rambabu Senkarasetti |
| Yes, it is taxable
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| Comments |
| Posted By : Arihant |
06-Jun-2012, 08:02:25 |
| its an individual, but as per my knowledge the above items are not included in list of gift in kind. Is it so? |
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