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Q. > Please Help: Gift in kind
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?
3 Answers
answered Jun 04, 2012 by Vikash Kumar Jha , Cuttack
Gift in kind will be taxable from 01.10.2009” As per their Aggregate Fair Market value.
answered Jun 05, 2012 by Rishabh Upadhyay , Chandigarh
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.
answered Jun 30, 2012 by Rambabu Senkarasetti , Guntur
Yes, it is taxable
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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?