I have a doubt. What if my income doesn't fall under the tax bracket and I've received or rather won a car in a giveaway. Do I still have to pay tax since the gift value is more than ₹ 50,000?

Question

Sumedh · Answer

Income from other source Tax will be charged

Rehan · Answer

That's my concern guys... I am confused about the treatment of the car. Income from other sources/gift income or prize?

CA · Answer

If the car was a giveaway in the sense you won it as a prize, the you have to pay 30 percent of the value of the car as income tax

Kiran · Answer

Gift received is income from other sources and hence it will be taxable respectively

Sai · Answer

Gift of Car comes under income from other sources only . If value of car is greater 250000/300000 then need to pay tax

Hi · Answer

Hi

Rehan · Answer

Thanks

Butani · Answer

Yesss

I have a doubt. What if my income doesn't fall under the tax bracket and I've received or rather won a car in a giveaway. Do I still have to pay tax since the gift value is more than ₹ 50,000?

8 answers

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